Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Fiscal 2019 was a rewarding year for investors, as global equity returns ultimately landed in the low teens. U.S. investment-grade bonds also performed well, posting returns around 8%. Overall, large-cap stocks outperformed small-cap names, while U.S. stocks bested their non-U.S. developed- and emerging-market counterparts. For much of the year, growth stocks were in favor, though by fiscal year-end, as investor sentiment turned more positive, a rotation into value-oriented and more cyclical names ensued.

The year did not start off on a positive note, however. December 2018 saw pronounced turbulence in equity markets, which was driven by multiple dynamics, including angst over the U.S.-China trade war, uncertainty regarding U.S. monetary policy, and broader global political concerns, including the ongoing Brexit situation. Persistent areas of uncertainty limited business enthusiasm throughout the year, as management teams were hesitant to spend on major new projects or significant hiring. This, in turn, weighed on global growth, especially in terms of trade and manufacturing. However, labor markets and consumer spending remained strong in major developed markets, leading investors to believe a near-term recession was unlikely, absent a major new shock.

Developments in the U.S.-China trade negotiations were a key driver of markets throughout the year, as any news of progress toward an agreement enthused investors, while tariff announcements and subsequent retaliations had the opposite effect. By the end of the year, the tone of discussions had improved, as the Trump administration announced a “phase one” deal was progressing. Meanwhile, global monetary policy was largely positive for risk sentiment, with most of the world’s central banks in easing mode. The U.S. Fed ended its tightening cycle in December 2018 after nine rate hikes, kept rates steady until July 2019, and then implemented three 25-basis-point cuts, marking the first reductions since 2008. The moves aimed to cushion the U.S. economy against a global slowdown and escalating trade tensions. In October, with an improved global economic outlook, the Fed signaled a pause on any near-term moves. For the fiscal year, Treasury yields declined across maturities, with yields on longer-dated Treasuries declining the most, causing the yield curve to flatten and eventually invert.

While the Adviser, Bessemer Investment Management, LLC, has remained moderately optimistic on the global economy and equities, it has implemented some defensive postures based on the view that upside in equities may be limited going forward. The Adviser remains cognizant of risks related to continued weak trends in Europe and uncertainty around the U.S.-China trade situation, escalating impeachment developments, and the 2020 elections.

The Old Westbury All Cap Core Fund significantly outperformed its primary benchmark due to its overweight position in the U.S. and strong selection in the healthcare, technology, and industrials sectors. The Old Westbury Large Cap Strategies Fund slightly outperformed as its emerging markets and global large-cap strategies contributed to relative performance. The Old Westbury Small & Mid Cap Strategies Fund slightly underperformed, and detractors included small- and mid-cap managed volatility, non U.S.-value-oriented, and small-cap non-U.S. developed strategies. The Old Westbury All Cap ESG Fund under-performed, as regional positioning detracted along with stock selection in the industrials, consumer discretionary, and utilities sectors. The Old Westbury Fixed Income Fund outperformed; it maintained a higher-than-benchmark duration (price sensitivity to interest-rate moves) exposure during the year, as the mandate gradually shifted interest-rate positioning to take advantage of anticipated changes in the yield curve. The Old Westbury Municipal Bond Fund also outperformed its primary benchmark, as it was positioned with a longer duration (greater price volatility) relative to the index, which proved beneficial as yields declined. The Old Westbury Multi-Asset Opportunities Fund underperformed its benchmarks, as allocations to non-agency mortgage-backed securities, global credit, and commodities detracted from results.

On December 4, we launched the Old Westbury California Municipal Bond Fund and the Old Westbury New York Municipal Bond Fund for investors who reside in those respective states.

At year-end, we remain committed to the Adviser’s longstanding investment approach, characterized by independent research, a global orientation, and long-term perspective. We believe these disciplines will continue to reap competitive long-term results for shareholders and position the Adviser to fulfill the central mandate of participating in strong market environments, while aiming to preserve capital during difficult times.

The return of the Old Westbury All Cap Core Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 15.65%. In comparison, the return of its primary benchmark, the MSCI All Country World Investable Market Index(IMI) (Net)^a, was 12.01%.

The Fund’s secondary benchmark, a blend of 90% MSCI USA Index (Gross) and 10% MSCI ACWI ex USA Index (Net)^a, returned 14.05% for the one year period ended October 31, 2019.

The most significant positive contributors to the Fund’s relative performance during the year were an overweight position in the U.S. and stock selection within healthcare, information technology, and industrials. Stocks in these sectors with the greatest relative contribution included Zoetis, Microsoft, and Cintas. Zoetis appreciated significantly, driven by the company’s strong revenue growth and the successful launch of a new companion animal medication product. Microsoft benefited from continued digital transformation in companies throughout the global economy and the rapid growth of its cloud offering. Cintas benefited from strong pricing, the adoption of its new offerings, and the successful acquisition of G&K. The Fund also benefited from an overweight position in the information technology sector (26.2% of the Fund during the fiscal year) as well as an underweight position in energy (3.6%).

The Fund’s results were held back by negative stock selection in energy and consumer staples. Stocks within these sectors with the highest negative relative contributions included ConocoPhillips and Altria. ConocoPhillips was pressured by lower commodity prices. Altria declined over fears of eroding market share to new competitors. The Fund was also restrained by its underweight to real estate, its overweight to healthcare, and holding some cash in a rising market.

At fiscal year-end, versus the primary benchmark, the Fund maintained overweight positions in the technology, communication services, healthcare, and industrials sectors, and underweight positions in materials, financials, consumer staples, real estate, and energy. Relative to the primary benchmark, the Fund continued to be significantly overweight U.S. stocks (91%) versus non-U.S. stocks (6%); the remainder was cash.

^a The Net version of each index reflects no deductions for fees, expenses or income taxes.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/ reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worthmore or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

On December 30, 2016, the Fund changed its name to All Cap Core Fund (formerly Large Cap Core Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to November 16, 2011, the Fund was named the U.S. Large Cap Fund and operated under a different investment strategy. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2019 as 0.99%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Fund compares its performance to a blended benchmark, as a secondary benchmark, consisting of a 90% weighting in the MSCI USA Index (Gross) and a 10% weighting in the MSCI ACWI ex USA Index (Net) (the “Blended Index”). The MSCI ACWI IMI (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.

Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

The return of the Old Westbury Large Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 12.92%. In comparison, the return of the MSCI All Country World Large Cap Index (Net)^a(“the Index”) was 12.67%.

The Fund benefited from stock selection in the financial sector and the developed Europe region. Individual stocks that contributed the most to relative performance were payment processor Mastercard (+40.8%), Dutch semiconductor provider ASML (+55.1%), digital payment servicer Visa (+36.9%), and semiconductor manufacturer Texas Instruments (+34.0%). Mastercard benefitted from strong industry-wide and individual volume growth in payment processing, industry-leading margins, and promising developments in the business-to-business processing area. ASML’s strong performance was led by the growth in the global semiconductor industry, in which ASML has pioneered Extreme Ultraviolet (EUV) light, which allows for chipmakers to produce smaller, faster, and more powerful chips over time. Visa’s global positioning, with over 50% global share, benefited from increased global debit and credit card penetration. During the year, the company continued its multiyear trend of exceeding earnings and revenue forecasts in each quarter, delivered top-tier growth for both metrics. Texas Instruments is a primary beneficiary of the secular increase in semiconductor content across a growing set of end markets as the largest player in the fragmented analog and embedded semiconductor industry. During fiscal 2019, despite a cyclical pullback in the semiconductor market, the company continued to deliver compelling free cash flow and market-share growth and is well positioned to increase its leading share as the cycle begins to turn.

Stock selection in the energy sector and U.S. were the largest detractors overall. Individual stocks that detracted from relative performance included Occidental Petroleum (-36.0%) and Philip Morris (-23.6%). Occidental Petroleum, like most oil and gas-based energy companies, meaningfully trailed the broader markets in fiscal 2019, reflecting weak energy prices for most of the year. In addition, Occidental engaged in a successful bidding war for Anadarko Petroleum, ultimately paying a price for the company that many investors considered excessive. In the case of Philip Morris, its reliance on the premium-priced Marlboro brand outside the United States became a significant concern as the brand was losing market share to lower-priced competitors. In addition, concerns regarding e-cigarettes and other competitive products weighed on the shares.

At fiscal year-end, the Fund was overweight the consumer discretionary and technology sectors. The Fund was underweight healthcare, utilities, energy, financials, materials, and real estate.

On a regional basis, as of fiscal year-end, the Fund was overweight the U.S. and emerging markets, while being underweight developed Europe, other developed markets, and Japan

^a The Net version of the index reflects no deductions for fees, expenses or income taxes.

On November 16, 2011, the Fund changed its name to Large Cap Strategies Fund (formerly Non-U.S. Large Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.15%, (current net operating expense is 1.10%). The expense ratio including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2019 as 1.13%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI ACWI Large Cap Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI Large Cap Index (Net) is unmanaged. Investments cannot be made directly in an index.

Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

The Old Westbury All Cap ESG Fund (the “Fund”) returned 9.48% for the fiscal year ended October 31, 2019. In comparison, the return of its benchmark, the MSCI All Country World Index (Net)^a, was 12.59% for the period.

The Fund’s results were held back by negative stock selection in the industrials, consumer discretionary, and utilities sectors. By region, stock selection in Japan, certain emerging markets, and Canada detracted from results. The overall underweight position in the U.S. and overweight in developed Europe also detracted.

The most significant positive contributors to the Fund’s relative performance for the year were an overweight position in the technology sector and stock selection within the healthcare and materials sectors. On a regional basis, stock selection in Asia Pacific (ex-Japan) and Latin America helped.

At fiscal year-end, versus the benchmark, the Fund maintained the largest overweight positions in the technology, healthcare, and industrials sectors and the largest underweight positions in the communication services, financials, and utilities sectors. Relative to the benchmark, the Fund was overweight stocks in developed Europe, underweight emerging markets stocks, and close to neutral in the U.S., Japan, and other developed markets.

^a The Net version of the index reflects no deductions for fees, expenses or income taxes.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.00%, as disclosed in the Funds’ prospectus dated March 1, 2019. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2019 as 1.37%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 1 year and 8 months, with distributions reinvested. The MSCI ACWI USD Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI USD Index (Net) is unmanaged. Investments cannot be made directly in an index.

The return of the Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 9.44%. In comparison, the return of the MSCI All Country World Small Mid Cap Index (Net)^a(the “Index”) was 10.24%.

Stock selection in the consumer discretionary sector and the Asia Pacific ex-Japan region were drags on performance for the year. Individual stocks that detracted from relative performance included luggage manufacturer Samsonite (-25.2%) and theme park operator Six Flags (-16.9%). Samsonite faced challenges as a result of U.S.-China trade tensions, which impacted customer demand through lower inbound travel to the U.S., consequentially weighing on profit growth. Six Flags struggled to drive growth through its new membership program and failed to offset those challenges through growth in its core single day and season pass customers. Further, global macro challenges have resulted in the delay of multiple international theme park developments that will license the Six Flags brand.

The Fund benefitted from strong stock selection in the healthcare sector as well as an overweight to the U.S. Individual stocks that contributed most to relative performance included consulting software provider Synopsys (+51.8%) and Teleflex (+45.0%). Synopsys benefitted from improving demand trends in semiconductor industry end markets that have supported a rebound in growth. Teleflex performed well as medical device demand continued to be supported by steady growth in medical procedures. The company has seen particularly strong contributions from its Urolift product, which was acquired in 2017.

At fiscal year-end, the Fund was overweight the healthcare and technology sectors, and underweight real estate, utilities, energy, communication services, and financials.

The Fund was regionally overweight the U.S. market. Conversely, the Fund was underweight developed Europe, Japan, and emerging markets.

^a The Net version of the index reflects no deductions for fees, expenses or income taxes.

On December 30, 2016, the Fund changed its name to Small & Mid Cap Strategies Fund (formerly Small & Mid Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.11%, as disclosed in the Funds’ prospectus dated March 1, 2019. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.17%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI ACWI SMID Cap Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI SMID Cap Index (Net) is unmanaged. Investments cannot be made directly in an index.

Investments made in small-capitalization and mid-capitalization companies are subject to greater volatility and less liquidity compared to investments made in larger and more established companies. Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.

The return of the Old Westbury Multi-Asset Opportunities Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 6.65%. In comparison, the return of the Fund’s primary benchmark, the MSCI All Country World Investable Market Index (IMI) (Net)^a, was 12.01%. The return for the Fund’s secondary benchmark, the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (Net)^a(40%) and the MSCI All Country World (IMI) (Net)^a(60%), was 10.79%.

During the fiscal year, the Fund’s segment that invests in opportunistic credit and macroeconomic themes (37% of the Fund as of October 31, 2019) was the largest relative detractor versus the primary and secondary benchmarks. Within this segment, non-agency mortgage-backed securities (25% of the Fund as of October 31, 2019) and global credit (6% of the Fund as of October 31, 2019) provided strong risk-adjusted returns but nevertheless trailed high-grade bonds, a primary component of the secondary benchmark. Additionally, commodities (4% of the Fund as of October 31, 2019) underperformed considerably given heightened volatility in the fourth quarter of 2018.

However, the equity derivatives segment of the Fund (60% of the Fund as of October 31, 2019) outperformed the primary benchmark, as positioning benefited from a higher-volatility environment in equities compared to previous years.

The Fund’s primary benchmark consists of global equities, and the Fund’s secondary benchmark consists of equities and U.S. Treasuries. Relative to the benchmarks, therefore, at year-end, the Fund was overweight non-agency mortgage-backed securities, global investment grade, global high yield, and broad commodities. The investment team views each of these asset classes as having a better risk-adjusted return profile versus U.S. Treasuries going forward.

At year-end, the Fund had 73.2% of its assets in the U.S., 12.4% in developed Europe, 5.5% in Japan, 1.8% in other developed countries and 7.2% in emerging markets. The Fund maintains significant exposure to the U.S. dollar, representing 85.1% of the Fund compared to 55.9% for the primary benchmark and 73.2% for the secondary benchmark.

^a The Net version of each index reflects no deductions for fees, expenses or income taxes.

On July 1, 2019, the Fund changed its name to Multi-Asset Opportunities Fund (formerly Strategic Opportunities Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to January 1, 2014, the Fund was named Global Opportunities Fund and operated under a different investment strategy. The performance information shown above may not be respective of performance the Fund will achieve under its current investment strategy.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.20%, as disclosed in the Funds’ prospectus dated March 1, 2019. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.44%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Fund compares its performance to its primary benchmark, the MSCI ACWI IMI Index (Net) and a blended benchmark consisting of a 60% weighting in the MSCI ACWI IMI Index (Net) and a 40% weighting in the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (Net) (the “Blended Index”). The MSCI ACWI IMI (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.

Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility. The Fund may invest in instruments that are volatile, speculative or otherwise risky. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

The Old Westbury Fixed Income Fund (the “Fund”) returned 8.41% for the fiscal year ended October 31, 2019. In comparison, the return of the ICE Bank of America Merrill Lynch U.S. Corporate & Government 1-10 Year AAA-A US Corporate & Government Index (the “Index”) was 8.13%.

An inverted yield curve, slowing global growth, and trade tensions were the defining themes of 2019. As the Fund’s last fiscal year came to a close in October 2018, the Federal Reserve (Fed) had raised the federal funds rate eight times since its rate-hiking cycle began, and a ninth was widely expected, even as several major economies around the world were showing signs of softer economic growth. Still, markets were optimistic about a U.S.-China trade deal, and the U.S. economic data remained solid. Shortly after the ninth rate hike, market sentiment turned negative as it became clear that the global economy was weaker than previously believed and the U.S. economy was at risk of contagion. The Fed quickly reversed course, indicating that it would pause its rate-hiking campaign and act as appropriate to support the domestic economy. As the year progressed, global economies, including the U.S., weakened and trade tensions escalated. Markets became concerned that the economy would slip into a recession. In response, the Fed lowered its funds rate 75 basis points over a four-month period and announced an early termination to its balance sheet runoff program. During the fiscal year, Treasury yields declined across the curve, with yields on longer-dated Treasuries declining the most, causing the yield curve to flatten and eventually invert. Investment-grade corporate bonds outperformed Treasuries throughout the year, as credit investors reached for higher-yielding alternatives to Treasuries, taking comfort that lower rates would eventually stabilize the economy.

The Fund maintained a higher-than-benchmark duration (price sensitivity to interest-rate moves) exposure during the year, as the mandate gradually shifted interest-rate positioning to take advantage of anticipated changes in the yield curve. Typically, when the Fed nears the end of a rate-hiking cycle, as the team expected was the case at the beginning of the fiscal year, the bond market rallies, with the most benefit accruing to the intermediate part of the curve. Longer-dated maturities also benefited as yields decline in response to expected slower growth and inflation. Early in the year, the team began moving away from the barbell positioning (overweighting bonds with shorter and longer maturities, while underweighting bonds with intermediate maturities) the Fund held at the beginning of the fiscal year, and increased exposure to intermediate maturities, which benefited from an inverting yield curve. Throughout the year, exposure to investment-grade corporate credit was gradually reduced and is now slightly underweight. Corporate bonds strongly outperformed Treasuries during the year, reducing the incremental yield investors receive relative to Treasuries, making it less attractive to incur credit risk.

The outlook for the U.S. economy remains relatively positive, albeit with some conflicting signals. The consumer sector has been the primary driver of growth, fueled by a continuing strong labor market. However, the manufacturing sector has deteriorated amidst trade uncertainty, and other economies across the world look weak. Inflation both domestically and globally has been subdued. Although the Fed has indicated that it does not expect to change rates in the near term, policy decisions could have a significant impact on inflation and economic growth, particularly with respect to trade. Markets in 2020 will also be impacted by the presidential race and the news flow that will accompany it as the election date approaches.

The team’s current strategy is to maintain the portfolio duration slightly higher than the benchmark and to maintain investment-grade corporate credit exposure at a slight underweight. It will maintain some exposure to high-quality asset-backed securities (ABS) and AAA tranches of collateralized loan obligations (CLO). Both ABS and CLOs are low-duration assets, which have shown to be resilient during a downturn. A small exposure will be maintained in U.S. Treasury Inflation-Protected Securities (TIPS), which helps protect against a possible increase in inflation.

At fiscal year-end, credit represented approximately 21% of market value of the Fund, of which ABS and CLOs account for under 5%.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursement and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2019 as 0.72%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index also includes the reinvestment of distributions but does not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index is unmanaged. Investments cannot be made directly in an index.

The Fund is subject to risks such as credit, prepayment and interest rate risk associated with the underlying bond holdings in the Fund. The value of the Fund can decline as interest rates rise and an investor can lose principal.

The return of the Old Westbury Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 6.92%. In comparison, the return of the primary benchmark, the ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index (the “Index”), was 6.80%.

Slower rates of global growth, declining inflation in many areas around the world, and uncertainty surrounding trade issues all caused the Federal Reserve to become more accommodative with its monetary policy in 2019. The Federal Reserve ultimately lowered its short-term federal funds rate three times in 2019 to its present range of 1.50% to 1.75%. Prospects for lower inflation provided a boost to fixed income prices and also caused the yield curve to flatten as rates on the longest maturities experienced the greatest decline. Municipal yields declined by 96, 115, and 124 basis points in two-, five-, and 10-year maturities, respectively.

The Fund was positioned with a longer duration (greater price volatility) relative to the Index, and this proved beneficial as yields declined. Fund performance was also aided by a barbelled maturity structure that underweighted holdings in the two-through five-year maturity range. A barbelled position typically produces a higher total rate of return as yields between long and short maturities compress, causing the yield curve to flatten. The Fund holds a small concentration in securities with ratings below Aa. The Index assumes all holdings are rated Aa or higher. Credit spreads narrowed during the period, and this provided a modest advantage.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2019 as 0.67%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index are unmanaged. Investments cannot be made directly in an index.

Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes.

The California Municipal Bond Fund began operations in December of 2018 and therefore recorded 11 months of performance by fiscal year-end 2019. The Fund was positioned with a longer duration (higher price volatility) relative to the Index, and this helped relative performance as interest rates declined. The Fund held an over-concentration in the three- to four-year maturity range and an under-concentration in five- to seven-year maturities. This placed a slight drag on performance as the yield curve flattened and the longest maturities derived the greatest benefit.

The Fund is compared to a national index of municipal securities. California municipal bonds underperformed the broad national Index over the period. Approximately 20% of the Fund is invested in municipal bonds that have been “pre-refunded.” This is a process where an issuer sells a new bond deal and uses proceeds to purchase U.S. Treasury securities that are then held in escrow to pay the “pre-refunded” debt. California’s dependence on wealthy taxpayers creates volatility in its financial stream and therefore the relative value of its bonds. The thought process is that pre-refunded holdings will may add price stability if an economic slowdown and lower tax revenues occur.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2019 as 0.78%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.

The chart shown on the previous page illustrates the total value of a $10,000 investment for 11 months, with distributions reinvested. The ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index is unmanaged. Investments cannot be made directly in an index.

Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

The New York Municipal Bond Fund began operations in December of 2018 and therefore recorded 11 months of performance by fiscal year-end 2019. The Fund was positioned with a longer duration (higher price volatility) relative to the Index, and this helped relative performance as rates declined. For much of the year, the Fund held a heavier maturity concentration (relative to the Index) in the six- to eight-year duration range and this helped as the yield curve flattened. Additionally, the Fund held a relatively high percentage of bonds with longer maturities but shorter call options. This type of structure typically provides a higher yield (relative to duration) when compared to bonds that are not callable. The New York Municipal Bond Fund is compared to a national municipal index. New York securities outperformed the broad national index over the period.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2019 as 0.78%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.

Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.

As a shareholder of Old Westbury Funds, Inc., you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2019 through October 31, 2019.

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, these tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Shares			Value
COMMON STOCKS — 94.5%
Banks — 3.9%
	1,158,655	Bank of America Corp.	$	36,231,142
	446,955	Citigroup, Inc.		32,118,186
				68,349,328
Communication Services — 11.1%
	434,475	Activision Blizzard, Inc.		24,343,634
	57,817	Alphabet, Inc. - Class C(a)		72,855,780
	286,465	Facebook, Inc. - Class A(a)		54,901,017
	515,005	Tencent Holdings Ltd.		21,084,055
	176,385	Walt Disney Co. (The)		22,915,939
				196,100,425
Consumer Discretionary — 11.9%
	55,593	Advance Auto Parts, Inc.		9,032,751
	131,110	Alibaba Group Holding Ltd. - ADR(a)		23,163,204
	34,695	Amazon.com, Inc.(a)		61,641,219
	12,081	Booking Holdings, Inc.(a)		24,751,190
	24,635	Burlington Stores, Inc.(a)		4,734,108
	165,211	Dollarama, Inc.		5,558,044
	145,405	Home Depot, Inc. (The)		34,109,105
	313,970	NIKE, Inc. - Class B		28,116,014
	2,768,321	Samsonite International SA(b)		5,702,015
	92,480	Six Flags Entertainment Corp.		3,901,731
	164,345	Wyndham Hotels & Resorts, Inc.		8,869,700
				209,579,081
Consumer Staples — 2.5%
	53,841	Ingredion, Inc.		4,253,439
	292,035	PepsiCo, Inc.		40,058,441
				44,311,880
Diversified Financials — 6.3%
	38,496	BlackRock, Inc.		17,773,603
	106,900	CME Group, Inc.		21,994,675
	394,910	Discover Financial Services		31,695,477
	66,900	MSCI, Inc.		15,692,064
	88,767	Nasdaq, Inc.		8,856,284
	58,300	S&P Global, Inc.		15,040,817
				111,052,920
Energy — 2.8%
	21,694	Apergy Corp.(a)		546,038
	635,235	ConocoPhillips		35,064,972
	112,015	Pioneer Natural Resources Co.		13,780,085
				49,391,095
Health Care — 13.8%
	445,262	Baxter International, Inc.		34,151,595
	32,875	Cooper Cos., Inc. (The)		9,566,625
	258,270	Danaher Corp.		35,594,771
	195,928	IQVIA Holdings, Inc.(a)		28,295,922
	32,516	Laboratory Corp of America Holdings(a)		5,357,661

Shares			Value
Health Care (continued)
	51,116	STERIS Plc	$	7,236,492
	25,765	Teleflex, Inc.		8,951,019
	125,600	Thermo Fisher Scientific, Inc.		37,928,688
	135,225	UnitedHealth Group, Inc.		34,171,358
	35,850	West Pharmaceutical Services, Inc.		5,156,663
	283,465	Zoetis, Inc.		36,260,843
				242,671,637
Industrials — 13.0%
	94,110	Allegion Plc		10,920,524
	137,970	AO Smith Corp.		6,854,350
	71,790	Cintas Corp.		19,287,819
	79,027	Dover Corp.		8,210,115
	43,200	Equifax, Inc.		5,905,871
	375,039	Fortive Corp.		25,877,691
	209,166	IAA, Inc.(a)		7,979,683
	35,430	IDEX Corp.		5,510,428
	174,066	KAR Auction Services, Inc.		4,327,281
	22,799	L3Harris Technologies, Inc.		4,703,662
	1,053,180	Rentokil Initial Plc		6,200,473
	287,525	Safran SA		45,487,967
	297,850	Union Pacific Corp.		49,282,261
	44,175	Verisk Analytics, Inc.		6,392,123
	207,155	Waste Management, Inc.		23,244,863
				230,185,111
Information Technology — 22.5%
	208,700	Amphenol Corp. - Class A		20,938,871
	37,890	ANSYS, Inc.(a)		8,341,484
	164,830	Apple, Inc.		41,003,111
	26,510	Cabot Microelectronics Corp.		4,006,191
	51,980	CDW Corp.		6,648,762
	119,478	CoreLogic, Inc.(a)		4,837,664
	339,280	Fidelity National Information Services, Inc.		44,703,533
	719,640	Microsoft Corp.		103,174,787
	180,375	salesforce.com, Inc.(a)		28,226,884
	91,708	ServiceNow, Inc.(a)		22,675,720
	67,495	Synopsys, Inc.(a)		9,162,446
	330,485	Texas Instruments, Inc.		38,993,925
	362,900	Visa, Inc. - Class A		64,908,294
				397,621,672
Insurance — 2.2%
	256,805	CHUBB Ltd.		39,142,218
Materials — 0.5%
	56,998	AptarGroup, Inc.		6,734,314
	88,205	Axalta Coating Systems Ltd.(a)		2,601,165
				9,335,479
Real Estate — 1.5%
	123,780	American Tower Corp. REIT		26,993,942
Utilities — 2.5%
	335,310	Ameren Corp.		26,053,587

Shares			Value
Utilities (continued)
	144,845	American Water Works Co., Inc.	$	17,855,043
				43,908,630
Total Common Stocks (Cost $1,209,779,525)				1,668,643,418

INVESTMENT COMPANY — 3.4%
	60,935,363	SEI Daily Income Trust Government II Fund, Class A, 1.68%(c)		60,935,363
Total Investment Company (Cost $60,935,363)				60,935,363

EXCHANGE-TRADED FUNDS — 2.2%
	638,600	Consumer Staples Select Sector SPDR Fund		39,056,776

Total Exchange-Traded Funds (Cost $39,080,206)				39,056,776
TOTAL INVESTMENTS — 100.1% (Cost $1,309,795,094)			$	1,768,635,557
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(2,348,547	)
NET ASSETS — 100.0%			$	1,766,287,010

(a)	Non-income producing security.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c)	The rate shown represents the current yield as of October 31, 2019.

Shares			Value
COMMON STOCKS — 96.1%
ARGENTINA — 0.0%
	71,791	Transportadora de Gas del Sur SA - ADR - Class B	$	542,740
	66,117	YPF SA - ADR		618,855
				1,161,595
AUSTRALIA — 0.9%
	45,318	Caltex Australia Ltd.		851,915
	686,760	CSL Ltd.		121,209,372
	9,871,234	Evolution Mining Ltd.		28,103,593
	268,439	Oil Search Ltd.		1,324,948
	304,166	Origin Energy Ltd.		1,648,062
	362,467	Santos Ltd.		2,028,920
	46,291	Washington H. Soul Pattinson & Co. Ltd.		693,101
	174,402	Woodside Petroleum Ltd.		3,871,219
				159,731,130
AUSTRIA — 0.0%
	30,918	OMV AG		1,804,142
BELGIUM — 0.6%
	354,566	Galapagos NV - ADR(a)		65,229,507
	909,962	Proximus SADP		27,939,655
	31,816	Sofina SA		7,033,003
				100,202,165
BERMUDA — 0.1%
	75,420	Credicorp. Ltd.		16,142,897
BRAZIL — 0.9%
	3,775,136	Ambev SA - ADR		16,270,836
	906,054	B3 SA - Brasil Bolsa Balcao		10,936,809
	2,591,423	Banco Bradesco SA - ADR		22,700,865
	326,536	Cia Brasileira de Distribuicao - ADR		6,733,172
	52,310	Cosan SA		749,988
	2,190,274	Itau Unibanco Holding SA - ADR		19,778,174
	1,415,160	Linx SA		12,233,786
	886,700	Localiza Rent a Car SA		9,507,069
	848,700	Pagseguro Digital Ltd. - Class A(a)		31,469,796
	547,863	Petroleo Brasileiro SA		4,464,322
	2,283,860	WEG SA		14,646,772
				149,491,589
CANADA — 1.3%
	82,149	Bank of Montreal		6,081,184
	116,810	Bank of Nova Scotia (The)		6,699,436
	68,679	Cameco Corp.		613,215
	510,053	Canadian Apartment Properties REIT		21,237,041
	79,718	Canadian Imperial Bank of Commerce		6,797,607
	224,095	Canadian Natural Resources Ltd.		5,650,440
	191,989	Cenovus Energy, Inc.		1,635,500

Shares			Value
CANADA (continued)
	191,520	Enbridge, Inc.	$	6,975,336
	170,494	Enbridge, Inc.		6,207,687
	246,046	Encana Corp.		963,934
	94,631	Husky Energy, Inc.		661,002
	53,873	Imperial Oil Ltd.		1,341,610
	62,139	Inter Pipeline Ltd.		1,043,120
	34,141	Keyera Corp.		791,379
	128,578	National Bank of Canada		6,640,252
	598,770	Open Text Corp.		24,194,472
	93,452	Pembina Pipeline Corp.		3,290,084
	48,999	PrairieSky Royalty Ltd.		478,420
	203,385	Shopify, Inc. - Class A(a)		63,775,434
	295,177	Suncor Energy, Inc.		8,776,199
	169,468	TC Energy Corp.		8,542,237
	172,586	TELUS Corp.		6,138,983
	2,441	Tourmaline Oil Corp.		20,942
	41,029	Vermilion Energy, Inc.		542,028
	423,656	Waste Connections, Inc.		39,145,814
				228,243,356
CHILE — 0.0%
	206,295	Banco Santander Chile - ADR		4,998,528
CHINA — 4.7%
	215,151	51job, Inc. - ADR(a)		16,947,444
	1,066,500	AAC Technologies Holdings, Inc.		6,941,277
	1,698,011	Alibaba Group Holding Ltd. - ADR(a)		299,987,603
	126,782	Autohome, Inc. - ADR(a)		10,720,686
	81,707	Baidu, Inc. - ADR(a)		8,321,858
	4,471,951	China Petroleum & Chemical Corp. - H Shares		2,568,135
	6,501,329	China Shenhua Energy Co. Ltd. - H Shares		13,225,095
	3,391,482	CNOOC Ltd.		5,089,852
	116,432	CNOOC Ltd. - ADR		17,294,809
	4,974,114	CSPC Pharmaceutical Group Ltd.		12,790,842
	2,728,058	ENN Energy Holdings Ltd.		31,263,549
	3,665,167	Hangzhou Hikvision Digital Technology Co. Ltd.		16,823,428
	177,422	JD.com, Inc. - ADR(a)		5,526,695
	810,489	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A		11,590,736
	2,479,929	Midea Group Co. Ltd.		19,528,939
	3,632,501	PetroChina Co. Ltd. - H Shares		1,784,739
	2,098,000	Ping An Insurance Group Co. of China Ltd. - H Shares		24,297,437
	1,546,810	S.f. Holding Co. Ltd.		8,697,761
	1,034,458	Shenzhou International Group Holdings Ltd.		14,336,761
	1,175,243	Sunny Optical Technology Group Co. Ltd.		19,017,581
	5,772,480	Tencent Holdings Ltd.		236,322,537
	194,514	Trip.com Group Ltd. - ADR(a)		6,417,017
	108,084	Weibo Corp. - ADR(a)		5,316,652

Shares			Value
CHINA (continued)
	649,200	Yanzhou Coal Mining Co. Ltd. - H Shares	$	660,306
				795,471,739
COLOMBIA — 0.1%
	318,823	Bancolombia SA - ADR		16,540,537
	1,130,546	Ecopetrol SA		1,016,822
				17,557,359
CZECH REPUBLIC — 0.1%
	323,870	Komercni Banka AS		10,947,555
DENMARK — 0.4%
	921,946	Danske Bank A/S		13,154,535
	236,927	Drilling Co. of 1972 A/S (The)(a)		13,369,321
	510,152	H. Lundbeck A/S		17,401,584
	110,652	SimCorp A/S		9,886,132
	457,532	Tryg A/S		12,779,041
				66,590,613
EGYPT — 0.1%
	2,308,522	Commercial International Bank Egypt SAE - GDR		11,404,099
FINLAND — 0.1%
	77,308	Neste Oyj		2,790,131
	14,842	Nordea Bank Abp		108,523
	148,419	Sampo Oyj - A Shares		6,081,633
				8,980,287
FRANCE — 0.8%
	49,880	Air Liquide SA		6,625,603
	40,265	Gecina SA REIT		6,906,780
	86,620	Legrand SA		6,760,576
	301,272	L’Oreal SA		87,967,042
	435,195	TOTAL SA		22,878,049
				131,138,050
GERMANY — 1.0%
	1,457,503	Deutsche Telekom AG		25,631,714
	24,780	MTU Aero Engines AG		6,616,328
	253,505	Muenchener Rueckversicherungs- Gesellschaft AG		70,400,777
	49,317	SAP SE		6,534,384
	55,354	Siemens AG		6,382,299
	1,280,597	Zalando SE(a)(b)		55,487,490
				171,052,992
GREECE — 0.0%
	23,893	Motor Oil (Hellas) Corinth Refineries SA		589,984
HONG KONG — 1.7%
	14,515,126	AIA Group Ltd.		145,318,900
	815,809	ASM Pacific Technology Ltd.		11,420,982
	15,539,000	CITIC Ltd.		20,425,309
	569,500	CLP Holdings Ltd.		5,912,343

Shares			Value
HONG KONG (continued)
	2,815,000	Hong Kong & China Gas Co. Ltd.	$	5,467,659
	323,421	Jardine Strategic Holdings Ltd.		10,456,201
	939,067	MTR Corp. Ltd.		5,392,839
	37,254,578	Sino Biopharmaceutical Ltd.		55,720,577
	384,500	Sun Hung Kai Properties Ltd.		5,834,270
	2,034,000	Techtronic Industries Co. Ltd.		15,963,731
				281,912,811
HUNGARY — 0.0%
	64,024	MOL Hungarian Oil & Gas Plc		632,836
INDIA — 2.6%
	1,438,363	Asian Paints Ltd.		36,696,850
	127,415	Bharat Petroleum Corp. Ltd.		945,974
	291,134	Coal India Ltd.		851,909
	69,885	Eicher Motors Ltd.		22,206,441
	6,169,000	HDFC Bank Ltd.		107,009,205
	3,268,203	Housing Development Finance Corp. Ltd.		98,232,127
	395,989	Indian Oil Corp. Ltd.		819,572
	914,401	Kotak Mahindra Bank Ltd.		20,298,178
	663,382	Maruti Suzuki India Ltd.		70,701,512
	564,396	Oil & Natural Gas Corp. Ltd.		1,127,539
	503,642	Reliance Industries Ltd.		10,397,873
	518,597	Tata Consultancy Services, Ltd.		16,594,592
	2,993,315	Titan Co. Ltd.		56,178,925
				442,060,697
INDONESIA — 0.5%
	7,274,768	Adaro Energy Tbk PT		678,916
	20,416,749	Astra International Tbk PT		10,108,742
	6,542,422	Bank Central Asia Tbk PT		14,658,344
	65,634,068	Bank Rakyat Indonesia Persero Tbk PT		19,685,077
	3,892,170	Bukit Asam Tbk PT		623,879
	121,608,123	Telekomunikasi Indonesia Persero Tbk PT		35,606,567
	444,665	United Tractors Tbk PT		686,622
				82,048,147
IRELAND — 0.9%
	179,290	Accenture Plc - Class A		33,243,952
	602,401	Aptiv PLC		53,945,010
	631,795	Medtronic Plc		68,802,476
				155,991,438
ISLE OF MAN — 0.3%
	3,944,245	GVC Holdings Plc		45,471,807
ITALY — 0.1%
	470,296	ENI SpA		7,117,750
	999,836	Terna Rete Elettrica Nazionale SpA		6,605,952
				13,723,702
JAPAN — 5.1%
	748,363	Adastria Co. Ltd.		18,509,840

Shares			Value
JAPAN (continued)
	927,400	Bandai Namco Holdings, Inc.	$	57,263,665
	310,199	Bridgestone Corp.		12,992,222
	62,300	Fast Retailing Co. Ltd.		38,681,498
	902,765	Fujifilm Holdings Corp.		39,959,410
	38,703	Idemitsu Kosan Co. Ltd.		1,148,654
	170,780	Inpex Corp.		1,594,885
	1,979,458	Japan Airlines Co. Ltd.		61,845,461
	593,957	JXTG Holdings, Inc.		2,801,757
	250,467	Keyence Corp.		159,617,918
	272,146	Morinaga & Co. Ltd.		13,482,555
	564,812	Nagoya Railroad Co. Ltd.		18,044,276
	379,816	NH Foods Ltd.		15,985,403
	854,018	Nippon Telegraph & Telephone Corp.		42,515,055
	3,335,875	NTT Data Corp.		44,235,327
	911,232	Osaka Gas Co. Ltd.		17,914,117
	497,600	PeptiDream, Inc.(a)		25,158,774
	329,224	Sankyo Co. Ltd.		11,569,637
	263,087	Sawai Pharmaceutical Co. Ltd.		14,885,282
	842,528	Secom Co. Ltd.		78,526,200
	2,142,166	Seven & I Holdings Co. Ltd.		81,330,499
	639,837	Suntory Beverage & Food Ltd.		27,373,340
	2,470,905	Terumo Corp.		81,227,084
				866,662,859
KENYA — 0.1%
	1,565,379	East African Breweries Ltd.		3,045,897
	49,502,720	Safaricom Plc		14,256,592
				17,302,489
LUXEMBOURG — 0.1%
	76,168	Tenaris SA		769,139
	600,158	Tenaris SA - ADR		12,183,207
				12,952,346
MACAU — 0.2%
	5,231,800	Sands China Ltd.		25,872,070
MEXICO — 0.4%
	141,286	Fomento Economico Mexicano SAB de CV - ADR		12,577,280
	86,657	Grupo Aeroportuario del Sureste SAB de CV - ADR		14,190,084
	3,200,072	Grupo Financiero Banorte SAB de CV - Series O		17,497,132
	5,657,745	Wal-Mart de Mexico SAB de CV		16,955,735
				61,220,231
MOROCCO AND ANTILLES — 0.0%
	124,659	Attijariwafa Bank		6,094,939
NETHERLANDS — 2.6%
	154,408	Aalberts NV		6,209,936
	60,054	Adyen NV(a)(b)		42,156,084
	496,288	ASML Holding NV		130,074,814
	370,038	ASML Holding NV		96,938,855
	33,295	Prosus NV(a)		2,295,989

Shares			Value
NETHERLANDS (continued)
	804,700	Royal Dutch Shell Plc - A Shares	$	23,276,145
	680,396	Royal Dutch Shell Plc - B Shares		19,548,418
	1,952,839	Unilever NV		115,325,138
	224,579	Yandex NV - Class A(a)		7,498,693
				443,324,072
NORWAY — 0.2%
	28,275	Aker BP ASA		780,655
	195,882	Equinor ASA		3,623,204
	335,972	Salmar ASA		15,654,812
	1,159,461	Telenor ASA		21,704,867
				41,763,538
PAKISTAN — 0.0%
	846,175	Oil & Gas Development Co. Ltd.		700,495
PANAMA — 0.1%
	134,303	Copa Holdings SA - Class A		13,663,987
POLAND — 0.0%
	25,472	Grupa Lotos SA		636,025
	49,353	Polski Koncern Naftowy ORLEN SA		1,348,580
				1,984,605
PORTUGAL — 0.0%
	91,639	Galp Energia SGPS SA		1,459,487
QATAR — 0.0%
	75,408	Qatar Fuel QSC		457,709
RUSSIA — 0.6%
	412,591	Lukoil PJSC - ADR		37,983,127
	168,172	NovaTek PJSC - GDR		35,988,808
	1,761,700	Sberbank of Russia PJSC - ADR		25,901,394
	596,143	Sberbank of Russia PJSC - ADR		8,763,302
				108,636,631
SINGAPORE — 0.2%
	4,106,100	CapitaLand Commercial Trust		6,187,295
	2,364,100	CapitaLand Ltd.		6,255,842
	4,145,809	Mapletree Commercial Trust, REIT		7,100,397
	732,800	Oversea-Chinese Banking Corp. Ltd.		5,903,553
	886,500	Singapore Airlines Ltd.		6,131,769
	320,900	United Overseas Bank Ltd.		6,328,602
				37,907,458
SOUTH AFRICA — 0.3%
	838,067	AngloGold Ashanti Ltd.		18,324,275
	1,341,475	Discovery Ltd.		10,676,403
	57,377	Exxaro Resources Ltd.		468,228
	28,985	Naspers Ltd. - Class N		4,115,753
	430,589	Sasol Ltd.		7,815,601

Shares			Value
SOUTH AFRICA (continued)
	1,357,159	Standard Bank Group Ltd.	$	15,580,316
				56,980,576
SOUTH KOREA — 0.7%
	53,713	Amorepacific Corp.		8,864,065
	15,770	GS Holdings Corp.		672,982
	425,908	Hankook Tire & Technology Co. Ltd.		11,366,576
	23,343	LG Household & Health Care Ltd.		25,300,205
	47,709	Samsung Electronics Co. Ltd. - GDR		51,668,174
	8,427	SK Innovation Co. Ltd.		1,158,898
	171,492	Woongjin Coway Co. Ltd.		13,531,278
				112,562,178
SPAIN — 0.2%
	1,265,140	Enagas SA		31,310,317
	261,237	Repsol SA		4,282,956
				35,593,273
SWEDEN — 0.8%
	3,932,551	Atlas Copco AB - A Shares		138,922,413
	38,054	Lundin Petroleum AB		1,256,420
				140,178,833
SWITZERLAND — 1.9%
	461,200	Alcon, Inc.(a)		27,335,324
	75	Chocoladefabriken Lindt & Spruengli AG		6,142,930
	25,449	CHUBB Ltd.		3,878,937
	599,420	Coca-Cola HBC AG - CDI		18,246,830
	93,870	Helvetia Holding AG		13,169,395
	41,869	Kuehne + Nagel International AG		6,763,127
	158,600	Lonza Group AG		57,073,492
	51,907	PSP Swiss Property AG		6,866,562
	715,218	Swiss Re AG		74,893,076
	67,356	Swisscom AG		34,411,986
	913,437	TE Connectivity Ltd.		81,752,612
				330,534,271
TAIWAN — 1.4%
	9,084,136	Chang Hwa Commercial Bank Ltd.		7,087,539
	10,363,382	Chunghwa Telecom Co. Ltd.		38,130,083
	1,240,541	Eclat Textile Co. Ltd.		16,688,344
	8,508,240	First Financial Holding Co. Ltd.		6,246,913
	2,359,020	Hon Hai Precision Industry Co. Ltd.		6,246,186
	9,455,701	Hua Nan Financial Holdings Co. Ltd.		6,802,774
	98,000	Largan Precision Co. Ltd.		14,390,697
	15,191,547	Taiwan Business Bank		6,412,883
	9,253,231	Taiwan Cement Corp.		12,295,895
	4,890,000	Taiwan Mobile Co. Ltd.		18,232,782

Shares			Value
TAIWAN (continued)
	7,563,000	Taiwan Semiconductor Manufacturing Co. Ltd.	$	74,162,892
	11,785,373	Uni-President Enterprises Corp.		29,114,504
				235,811,492
THAILAND — 1.0%
	15,156,800	Airports of Thailand Public Co. Ltd.		39,278,675
	46,699,800	CP ALL Public Co. Ltd.		120,635,350
	4,726,900	Siam Commercial Bank Public Co. Ltd. (The)		17,533,127
				177,447,152
TURKEY — 0.0%
	25,759	Tupras Turkiye Petrol Rafinerileri AS		560,933
UNITED ARAB EMIRATES — 0.1%
	702,242	DP World Ltd.		9,332,796
UNITED KINGDOM — 1.5%
	1	Abcam Plc		15
	24,481	Aon Plc		4,728,750
	434,265	Atlassian Corp. Plc - Class A(a)		52,454,869
	179,060	Bank of Georgia Group Plc		3,012,979
	3,738,236	BP Plc		23,693,557
	3,230,038	Compass Group Plc		86,023,888
	143,653	John Wood Group Plc		629,513
	2,367,601	RELX Plc		56,931,005
	1,111,764	Smith & Nephew Plc		23,798,106
	69,374	TechnipFMC Plc		1,368,749
				252,641,431
UNITED STATES — 61.4%
	35,748	3M Co.		5,898,063
	352,725	Abbott Laboratories		29,491,337
	847,710	AbbVie, Inc.		67,435,331
	152,499	ABIOMED, Inc.(a)		31,655,742
	310,097	ABM Industries, Inc.		11,306,137
	617,700	Activision Blizzard, Inc.		34,609,731
	340,732	Aerojet Rocketdyne Holdings, Inc.(a)		14,729,844
	108,259	Aflac, Inc.		5,755,048
	226,300	Agilent Technologies, Inc.		17,142,225
	551,485	Air Products & Chemicals, Inc.		117,609,691
	189,051	Align Technology, Inc.(a)		47,695,677
	18,149	Allstate Corp. (The)		1,931,417
	143,082	Ally Financial Inc.		4,382,602
	34,257	Alphabet, Inc. - Class A(a)		43,122,712
	208,039	Alphabet, Inc. - Class C(a)		262,152,024
	216,239	Amazon.com, Inc.(a)		384,183,181
	1,100,726	American Express Co.		129,093,145
	7,763	American Financial Group, Inc.		807,663
	57,772	American International Group, Inc.		3,059,605
	149,325	American Tower Corp. REIT		32,564,796
	25,175	Ameriprise Financial, Inc.		3,798,656
	405,906	AMETEK, Inc.		37,201,285

Shares			Value
UNITED STATES (continued)
	296,525	Amgen, Inc.	$	63,233,956
	65,836	Amphenol Corp. - Class A		6,605,326
	1,308,145	Annaly Capital Management, Inc. REIT		11,747,142
	67,868	Apache Corp.		1,470,021
	1,588,383	Apollo Commercial Real Estate Finance, Inc. REIT		29,067,409
	1,466,209	Apple, Inc.		364,734,151
	231,600	Arthur J Gallagher & Co.		21,126,551
	116,473	Assurant, Inc.		14,683,751
	97,349	Athene Holding Ltd. - Class A(a)		4,220,079
	893,571	Automatic Data Processing, Inc.		144,964,023
	106,835	AXA Equitable Holdings, Inc.		2,307,635
	108,675	Baker Hughes Co.		2,325,645
	3,879,805	Bank of America Corp.		121,321,502
	49,845	Bank of New York Mellon Corp. (The)		2,330,254
	166,570	BB&T Corp.		8,836,538
	741,821	Berkshire Hathaway, Inc. - Class B(a)		157,696,308
	21,041	BlackRock, Inc.		9,714,629
	891,189	Bloomin’ Brands, Inc.		17,654,454
	281,220	Bluebird Bio, Inc.(a)		22,778,819
	81,479	Booking Holdings, Inc.(a)		166,931,731
	3,735,700	Boston Scientific Corp.(a)		155,778,690
	487,079	Brinker International, Inc.		21,650,662
	43,383	Broadcom, Inc.		12,704,712
	423,250	Broadridge Financial Solutions, Inc.		52,999,365
	89,715	Cabot Oil & Gas Corp.		1,672,288
	85,153	Capital One Financial Corp.		7,940,517
	995,724	Charles Schwab Corp. (The)		40,535,924
	578,344	Cheesecake Factory, Inc. (The)		24,168,996
	38,881	Cheniere Energy, Inc.(a)		2,393,126
	351,321	Chevron Corp.		40,802,421
	23,695	Cimarex Energy Co.		1,000,403
	1,391,925	Cisco Systems, Inc.		66,130,357
	47,370	CIT Group, Inc.		2,031,699
	259,593	Citigroup, Inc.		18,654,353
	94,742	Citizens Financial Group Inc.		3,331,129
	92,999	Clorox Co. (The)		13,735,022
	20,273	CME Group, Inc.		4,171,170
	901,600	Coca-Cola Co. (The)		49,074,088
	1,314,164	Colgate-Palmolive Co.		90,151,650
	2,421,600	Comcast Corp. - Class A		108,536,112
	67,221	Comerica, Inc.		4,397,598
	36,953	Concho Resources, Inc.		2,495,067
	626,170	ConocoPhillips		34,564,584
	21,522	Continental Resources, Inc.		634,253
	494,087	Costco Wholesale Corp.		146,798,189
	362,234	Cracker Barrel Old Country Store, Inc.		56,327,387
	945,600	Danaher Corp.		130,322,592
	760,113	Darden Restaurants, Inc.		85,337,886
	72,622	Deckers Outdoor Corp.(a)		11,103,904

Shares			Value
UNITED STATES (continued)
	82,990	Devon Energy Corp.	$	1,683,037
	817,265	Diamondback Energy, Inc.		70,088,646
	53,891	Discover Financial Services		4,325,292
	63,841	E*TRADE Financial Corp.		2,667,915
	275,800	Eaton Corp. Plc		24,024,937
	49,510	Eaton Vance Corp.		2,257,655
	31,141	Ecolab, Inc.		5,981,252
	452,142	Edwards Lifesciences Corp.(a)		107,781,610
	531,573	Eli Lilly & Co.		60,572,743
	244,101	EOG Resources, Inc.		16,918,640
	121,967	EPAM Systems, Inc.(a)		21,461,313
	938,018	Equity Commonwealth REIT		30,185,419
	1,312,992	Exelon Corp.		59,728,006
	780,889	Exxon Mobil Corp.		52,764,670
	1,252,003	Facebook, Inc. - Class A(a)		239,946,375
	3,873	FactSet Research Systems, Inc.		981,883
	27,887	Fidelity National Financial, Inc.		1,278,340
	199,034	Fifth Third Bancorp		5,787,909
	1,642,000	Fiserv, Inc.(a)		174,281,880
	148,944	Franklin Resources, Inc.		4,103,407
	172,900	Genuine Parts Co.		17,736,081
	49,858	Goldman Sachs Group, Inc. (The)		10,638,700
	1,980,459	H&R Block, Inc.		49,491,670
	160,831	Halliburton Co.		3,095,997
	36,736	Hartford Financial Services Group, Inc. (The)		2,096,891
	17,356	Helmerich & Payne, Inc.		650,849
	521,964	Hershey Co. (The)		76,660,853
	48,140	Hess Corp.		3,165,205
	34,048	HollyFrontier Corp.		1,870,597
	450,795	Home Depot, Inc. (The)		105,747,491
	35,962	Honeywell International, Inc.		6,211,716
	4,824,374	Huntington Bancshares, Inc.		68,168,405
	37,243	IDEX Corp.		5,792,404
	714,742	Illinois Tool Works, Inc.		120,491,207
	198,157	Illumina, Inc.(a)		58,559,357
	533,904	Incyte Corp.(a)		44,805,224
	20,355	Intercontinental Exchange, Inc.		1,919,884
	849,930	International Business Machines Corp.		113,661,139
	44,708	Jack Henry & Associates, Inc.		6,328,864
	210,180	Jefferies Financial Group, Inc.		3,924,061
	3,085,699	JPMorgan Chase & Co.		385,465,519
	618,990	Juniper Networks, Inc.		15,363,332
	1,047,100	Kansas City Southern		147,410,738
	197,908	KeyCorp		3,556,407
	606,000	Keysight Technologies, Inc.(a)		61,151,460
	154,500	Kimberly-Clark Corp.		20,529,959
	373,585	Kinder Morgan, Inc.		7,464,228
	176,611	KKR & Co., Inc. - Class A		5,091,695
	339,000	KLA Corp.		57,304,560
	77,058	Lincoln National Corp.		4,352,236
	493,112	Lockheed Martin Corp.		185,745,428
	24,011	M&T Bank Corp.		3,758,442
	152,931	Marathon Oil Corp.		1,763,294

Shares			Value
UNITED STATES (continued)
	121,215	Marathon Petroleum Corp.	$	7,751,699
	3,830	MarketAxess Holdings, Inc.		1,411,700
	95,645	Marsh & McLennan Cos., Inc.		9,910,735
	485,789	Mastercard, Inc. - Class A		134,471,253
	651,310	McDonald’s Corp.		128,112,677
	788,685	Merck & Co., Inc.		68,347,442
	154,296	MetLife, Inc.		7,219,510
	4,017,004	MFA Financial, Inc. REIT		30,489,060
	3,085,795	Microsoft Corp.		442,410,429
	9,044	Moody’s Corp.		1,995,920
	168,074	Morgan Stanley		7,739,808
	530,671	Motorola Solutions, Inc.		88,261,201
	8,623	MSCI, Inc.		2,022,611
	61,266	National Oilwell Varco, Inc.		1,385,837
	189,204	Netflix, Inc.(a)		54,379,122
	3,755,894	New York Community Bancorp, Inc.		43,756,165
	453,173	Newmont Goldcorp Corp.		18,004,563
	917,505	NIKE, Inc. - Class B		82,162,573
	80,057	Noble Energy, Inc.		1,541,898
	20,997	Northern Trust Corp.		2,092,981
	131,400	Northrop Grumman Corp.		46,315,872
	1,988,259	Occidental Petroleum Corp.		80,524,490
	244,772	Okta, Inc.(a)		26,697,282
	635,147	Omnicom Group, Inc.		49,026,997
	72,093	ONEOK, Inc.		5,034,254
	53,882	Parsley Energy, Inc. - Class A		851,874
	584,800	Paychex, Inc.		48,912,672
	893,225	PepsiCo, Inc.		122,523,673
	83,092	Phillips 66		9,706,807
	306,001	Piedmont Office Realty Trust, Inc. REIT - Class A		6,866,662
	639,665	Pinnacle West Capital Corp.		60,205,270
	31,720	Pioneer Natural Resources Co.		3,902,194
	33,680	PNC Financial Services Group, Inc. (The)		4,940,855
	52,924	PPG Industries, Inc.		6,621,851
	87,899	Principal Financial Group, Inc.		4,692,049
	1,463,960	Procter & Gamble Co. (The)		182,277,660
	516,158	Progressive Corp. (The)		35,976,213
	990,946	Prudential Financial, Inc.		90,314,818
	324,910	Public Storage		72,409,443
	705,809	Quest Diagnostics, Inc.		71,463,161
	33,550	Raymond James Financial, Inc.		2,801,090
	114,395	Regeneron Pharmaceuticals, Inc.(a)		35,036,901
	210,626	Regions Financial Corp.		3,391,079
	6,355	Reinsurance Group of America, Inc.		1,032,497
	512,543	Republic Services, Inc.		44,852,637
	294,900	Roper Technologies, Inc.		99,369,504
	1,159,600	Ross Stores, Inc.		127,173,332
	18,098	S&P Global, Inc.		4,669,103
	312,548	Sarepta Therapeutics, Inc.(a)		25,960,237
	247,263	Schlumberger Ltd.		8,083,027
	34,217	Signature Bank		4,048,555

Shares			Value
UNITED STATES (continued)
	289,015	Spire, Inc.	$	24,294,601
	899,711	Starbucks Corp.		76,079,563
	2,737,156	Starwood Property Trust, Inc., REIT		67,334,038
	66,715	State Street Corp.		4,407,860
	1,671,575	SunTrust Banks, Inc.		114,235,436
	5,296	SVB Financial Group(a)		1,172,958
	162,951	Synchrony Financial		5,763,577
	625,300	Sysco Corp.		49,942,711
	24,059	T Rowe Price Group, Inc.		2,786,032
	36,619	Targa Resources Corp.		1,423,747
	962,162	Target Corp.		102,864,739
	28,102	TD Ameritrade Holding Corp.		1,078,555
	1,673,964	Texas Instruments, Inc.		197,511,012
	15,193	Travelers Cos., Inc. (The)		1,991,195
	74,804	UniFirst Corp.		15,023,635
	377,100	Union Pacific Corp.		62,394,966
	991,500	United Technologies Corp.		142,359,570
	379,965	UnitedHealth Group, Inc.		96,017,156
	2,901,042	US Bancorp		165,417,415
	76,889	Valero Energy Corp.		7,456,695
	277,100	Veeva Systems, Inc. - Class A(a)		39,301,093
	2,311,240	Verizon Communications, Inc.		139,760,683
	1,116,532	Visa, Inc. - Class A		199,702,914
	14,642	Voya Financial, Inc.		790,082
	1,151,360	Walt Disney Co. (The)		149,584,691
	323,978	Waste Management, Inc.		36,353,571
	461,400	WEC Energy Group, Inc.		43,556,160
	501,313	Wells Fargo & Co.		25,882,790
	216,328	Williams Cos., Inc. (The)		4,826,278
	486,647	Workday, Inc. - Class A(a)		78,914,678
	116,501	Yum! Brands, Inc.		11,849,317
	94,998	Zions Bancorp NA		4,604,553
	178,813	Zoom Video Communications, Inc. - Class A(a)		12,497,241
				10,441,943,557
Total Common Stocks (Cost $12,873,939,509)				16,330,938,926
MASTER LIMITED PARTNERSHIPS — 0.0%
UNITED STATES — 0.0%
	41,065	Plains GP Holdings LP - Class A		762,166
Total Master Limited Partnerships (Cost $845,485)				762,166
PREFERRED STOCKS — 0.1%
BRAZIL — 0.0%
	763,797	Petroleo Brasileiro SA		5,785,850
SOUTH KOREA — 0.1%
	11,263	Samsung Electronics Co. Ltd. - GDR		9,934,810

Shares			Value
SOUTH KOREA (continued)
	2,323	Samsung Electronics Co. Ltd. - GDR	$	2,009,395
				11,944,205
Total Preferred Stocks (Cost $11,403,863)				17,730,055

RIGHTS/WARRANTS — 0.0%
SINGAPORE — 0.0%
	294,352	Mapletree Commercial Rights Expire 11/07/19(a)		19,473
Total Rights/Warrants (Cost $0)				19,473

Principal Amount
U.S. GOVERNMENT AGENCIES — 0.8%
Federal Home Loan Bank — 0.8%
$	113,000,000	2.04%, 11/13/19(c)		112,936,720
	25,000,000	1.85%, 11/19/19(c)		24,979,000
Total U.S. Government Agencies (Cost $137,900,449)				137,915,720

Shares
EXCHANGE-TRADED FUNDS — 1.6%
	3,004,400	iShares MSCI Europe Financials ETF		55,280,960
	5,329,175	VanEck Vectors Gold Miners ETF		150,016,276
	1,608,555	VanEck Vectors Junior Gold Miners ETF		63,071,442
Total Exchange-Traded Funds (Cost $153,228,741)				268,368,678

Shares			Value
INVESTMENT COMPANY — 1.2%
	207,317,438	Federated Government Obligations Fund, 1.48%(d)	$	207,317,438
Total Investment Company (Cost $207,317,438)				207,317,438
TOTAL INVESTMENTS — 99.8% (Cost $13,384,635,485)			$	16,963,052,456
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				38,826,859
NET ASSETS — 100.0%			$	17,001,879,315

(a)	Non-income producing security.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c)	The rate represents the annualized yield at time of purchase.
(d)	The rate shown represents the current yield as of October 31, 2019.

The following abbreviations are used in the report:

ADR-American Depositary Receipt

CDI-Chess Depositary Interests

ETF-Exchange Traded Fund

GDR-Global Depositary Receipt

REIT-Real Estate Investment Trust

Shares			Value
COMMON STOCKS — 99.2%
Banks — 1.3%
	229,868	Bank of Communications Co. Ltd. - H Shares	$	157,236
	2,618	Bank of Montreal		193,801
	207,653	China Minsheng Banking Corp. Ltd. - H Shares		145,485
				496,522
Communication Services — 5.6%
	5,279	AT&T, Inc.		203,189
	37,536	China Mobile Ltd.		305,617
	3,312	Cogeco Communications, Inc.		286,289
	4,340	Comcast Corp. - Class A		194,519
	2,384	Deutsche Telekom AG		41,925
	12,550	NTT DOCOMO, Inc.		345,738
	447	Swisscom AG		228,371
	6,702	Verizon Communications, Inc.		405,270
	4,883	Yandex NV - Class A(a)		163,043
				2,173,961
Consumer Discretionary — 8.6%
	48,421	Barratt Developments Plc		395,903
	4,248	Cheesecake Factory, Inc. (The)		177,524
	1,266	Cracker Barrel Old Country Store, Inc.		196,863
	4,497	eBay, Inc.		158,519
	8,431	Electrolux AB - Series B		221,347
	4,733	General Motors Co.		175,878
	7,233	Industria de Diseno Textil SA		225,472
	368	Kering SA		209,402
	82,415	Kingfisher Plc		221,200
	3,228	Las Vegas Sands Corp.		199,620
	1,141	Starbucks Corp.		96,483
	59,126	Super Retail Group Ltd.		387,614
	2,134	Target Corp.		228,146
	70,812	Truworths International Ltd.		251,044
	1,524	Yum! Brands, Inc.		155,006
				3,300,021
Consumer Staples — 6.7%
	9,604	Carrefour SA		163,401
	1,468	Clorox Co. (The)		216,809
	8,390	Coca-Cola European Partners Plc		448,949
	2,538	Colgate-Palmolive Co.		174,107
	1,594	JM Smucker Co. (The)		168,454
	1,650	Kimberly-Clark Corp.		219,252
	3,041	Molson Coors Brewing Co. - Class B		160,322
	3,021	PepsiCo, Inc.		414,391
	1,566	Procter & Gamble Co. (The)		194,983
	9,089	Seven & I Holdings Co. Ltd.		345,077
	10,683	Tate & Lyle Plc		93,132
				2,598,877

Shares			Value
Diversified Financials — 6.5%
	13,926	3i Group Plc	$	203,481
	879	Goldman Sachs Group, Inc. (The)		187,561
	9,576	Invesco, Ltd.		161,068
	16,133	Janus Henderson Group Plc		373,156
	42,244	Jupiter Fund Management Plc		187,474
	865	Moody’s Corp.		190,897
	4,379	Morgan Stanley		201,653
	2,002	Morningstar, Inc.		324,004
	1,896	S&P Global, Inc.		489,149
	14,840	UBS Group AG		175,101
				2,493,544
Energy — 3.8%
	7,052	Aker BP ASA		194,701
	25,142	ARC Resources Ltd.		106,516
	13,263	Enagas SA		328,239
	3,341	ENI SpA		50,565
	17,166	Husky Energy, Inc.		119,905
	55,900	MOL Hungarian Oil & Gas Plc		552,536
	6,223	Murphy Oil Corp.		128,380
				1,480,842
Health Care — 16.6%
	2,872	Abbott Laboratories		240,128
	3,959	Agilent Technologies, Inc.		299,894
	1,072	Amgen, Inc.		228,604
	836	Anthem, Inc.		224,951
	40,123	Astellas Pharma, Inc.		690,514
	1,383	AstraZeneca Plc		134,378
	3,666	Baxter International, Inc.		281,182
	1,406	Biogen, Inc.(a)		419,986
	2,526	Cerner Corp.		169,545
	1,071	CSL Ltd.		189,026
	2,906	Danaher Corp.		400,505
	30,672	Fleury SA		193,645
	8,962	GlaxoSmithKline Plc		205,316
	2,805	Koninklijke Philips NV		122,853
	2,875	Medtronic Plc		313,088
	4,417	Merck & Co., Inc.		382,777
	8,101	Novo Nordisk A/S - B Shares		442,430
	11,551	Pfizer, Inc.		443,212
	1,797	Quest Diagnostics, Inc.		181,946
	697	Roche Holding AG		209,701
	2,227	Sanofi		205,209
	724	Thermo Fisher Scientific, Inc.		218,634
	1,637	Zimmer Biomet Holdings, Inc.		226,283
				6,423,807
Industrials — 13.3%
	22,306	Brambles Ltd.		184,059
	430	Cummins, Inc.		74,166
	5,806	Deutsche Post AG		205,595
	6,608	Ebara Corp.		198,258
	2,200	Fraport AG Frankfurt Airport Services Worldwide		183,877

Shares			Value
Industrials (continued)
	995	General Dynamics Corp.	$	175,915
	13,983	Hino Motors Ltd.(a)		133,628
	1,204	Illinois Tool Works, Inc.		202,970
	41,609	Keppel Corp Ltd.		209,811
	496	Lockheed Martin Corp.		186,833
	2,056	ManpowerGroup, Inc.		186,932
	886	MTU Aero Engines AG		236,564
	1,334	Norfolk Southern Corp.		242,788
	517	Northrop Grumman Corp.		182,232
	2,275	Regal-Beloit Corp.		168,464
	742	Republic Services, Inc.		64,932
	74,843	Royal Mail Plc		205,142
	3,000	Ryder System, Inc.		145,889
	15,578	Sandvik AB		274,834
	1,805	Siemens AG		208,116
	6,994	Signify NV		204,683
	14,628	SKF AB - B Shares		264,436
	1,211	Snap-on, Inc.		196,993
	4,655	Sumitomo Heavy Industries Ltd.		146,344
	3,506	Thomson Reuters Corp.		235,606
	4,937	Toyota Tsusho Corp.		172,354
	2,197	Waste Management, Inc.		246,525
				5,137,946
Information Technology — 22.3%
	2,033	Accenture Plc - Class A		376,959
	2,881	Amdocs Ltd.		187,841
	4,067	Apple, Inc.		1,011,707
	1,440	Aspen Technology, Inc.(a)		165,758
	1,958	Atos SE		151,596
	699	Broadcom, Inc.		204,702
	1,247	CACI International, Inc. - Class A(a)		279,016
	4,784	Canon, Inc.(a)		131,218
	1,022	Cisco Systems, Inc.		48,555
	5,114	Cognizant Technology Solutions Corp. - Class A		311,647
	3,967	CoreLogic, Inc.(a)		160,624
	1,925	Fidelity National Information Services, Inc.		253,638
	3,031	Fujitsu Ltd.		270,037
	8,386	Intel Corp.		474,061
	1,249	International Business Machines Corp.		167,029
	1,139	Intuit, Inc.		293,293
	7,205	Juniper Networks, Inc.		178,828
	97,108	Konica Minolta, Inc.		718,486
	920	Lam Research Corp.		249,357
	2,906	Leidos Holdings, Inc.		250,584
	4,501	Micron Technology, Inc.(a)		214,023
	3,029	Microsoft Corp.		434,268
	1,994	NXP Semiconductor NV		226,678
	9,860	ON Semiconductor Corp.(a)		201,143
	5,346	Oracle Corp.		291,304
	3,556	SAP SE		471,161

Shares			Value
Information Technology (continued)
	4,039	Seagate Technology PLC	$	234,383
	2,238	Synopsys, Inc.(a)		303,809
	2,742	Texas Instruments, Inc.		323,529
				8,585,234
Insurance — 5.5%
	806	Allianz SE		196,866
	2,016	Arthur J Gallagher & Co.		183,900
	5,954	AXA SA		157,280
	3,959	MetLife, Inc.		185,242
	817	Muenchener Rueckversicherungs-Gesellschaft AG		226,889
	3,293	Principal Financial Group, Inc.		175,780
	4,307	Prudential Financial, Inc.		392,540
	2,094	Swiss Re AG		219,270
	927	Willis Towers Watson Plc		173,256
	592	Zurich Insurance Group AG		231,339
				2,142,362
Materials — 4.4%
	8,189	Anglo American Plc		210,201
	81,704	Grupo Mexico SAB de CV - Series B		215,723
	4,032	Lyondellbasell Industries NV - Class A		361,670
	4,669	Newmont Goldcorp Corp.		185,499
	1,786	Packaging Corp. of America		195,496
	16,885	Polymetal International PLC		276,681
	3,980	Teck Resources Ltd. - Class B		62,914
	4,975	Westrock Co.		185,916
				1,694,100
Real Estate — 3.6%
	20,712	Castellum AB		423,112
	110,944	Frasers Centrepoint Trust REIT		224,261
	49,251	Hyprop Investments Ltd. REIT(a)		192,304
	21,541	Link REIT		234,902
	136,625	New World Development Co. Ltd.(a)		195,977
	38,044	Swire Properties Ltd.(a)		119,920
				1,390,476
Utilities — 1.0%
	15,434	Cia de Saneamento Basico do Estado de Sao Paulo		210,469
	1,358	Exelon Corp.		61,775
	15,175	Terna Rete Elettrica Nazionale SpA(a)		100,262
				372,506
Total Common Stocks (Cost $36,205,004)				38,290,198

Shares			Value
COMMON STOCKS — 91.0%**
ARGENTINA — 0.2%
	19,694	Other Securities	$	10,270,815
AUSTRALIA — 2.2%
	10,000	Gbst Holdings Ltd(a)(b)		24,127
	46,460,672	Other Securities		136,769,042
	111,348	Quintis Ltd.(a)(b)		0
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(a)(b)		0
				136,793,169
AUSTRIA — 0.1%
	344,201	Other Securities		8,458,214
BELGIUM — 0.7%
	12,200	Deceuninck NV- VVPR Strip(a)(b)		0
	770,149	Other Securities		41,984,961
				41,984,961
BERMUDA — 0.7%
	404,626	Argo Group International Holdings Ltd.		25,034,211
	359,882	Other Securities		16,929,586
				41,963,797
BRAZIL — 0.3%
	2,825,481	Other Securities		15,979,341
CAMBODIA — 0.0%
	28,000	Other Securities		51,026
CANADA — 2.3%
	992,600	Dollarama, Inc.		33,393,141
	7,665,031	Other Securities		88,115,065
	545,000	Ritchie Bros Auctioneers, Inc.		22,410,400
				143,918,606
CAYMAN ISLANDS — 0.0%
	38,300	Other Securities		671,782
CHILE — 0.0%
	11,643,822	Other Securities		1,206,671
CHINA — 2.3%
	70,000	China Animal Healthcare Ltd.(a)(b)		3,350
	79,500	China Huiyuan Juice Group Ltd.(a)(b)		18,972
	164,000	China Taifeng Beddings Holdings Ltd.(a)(b)		0
	302,000	CT Environmental Group Ltd.(a)(b)		9,828
	63,000	Harmonicare Medical Holdings Ltd(a)(b)		12,301
	68,000	HOSA International Ltd.(a)(b)		472
	180,934,068	Other Securities		142,943,373
	261,000	Qunxing Paper Holdings Co. Ltd.(a)(b)		12,590
	67,000	Real Gold Mining Ltd.(a)(b)		2,249

Shares			Value
CHINA (continued)
	230,000	Springland International Holdings Ltd.(a)	$	41,386
	255,000	Tenwow International Holdings Ltd.(a)(b)		2,320
	201,000	Trony Solar Holdings Co. Ltd.(a)(b)		0
	104,500	Youyuan International Holdings Ltd.(a)(b)		3,467
	40,000	Zhejiang Glass Co. Ltd. - H Shares(a)(b)		0
				143,050,308
CZECH REPUBLIC — 0.0%
	282,500	Other Securities		1,267,013
DENMARK — 0.9%
	8,231	Amagerbanken A/S(a)(b)		0
	1,157,964	Other Securities		56,096,524
				56,096,524
FAEROE ISLANDS — 0.0%
	2,103	Other Securities		100,872
FINLAND — 0.2%
	967,201	Other Securities		15,860,228
FRANCE — 1.0%
	3,531,818	Other Securities		61,056,414
GABON — 0.0%
	311	Other Securities		45,092
GEORGIA — 0.0%
	8,312	Other Securities		117,410
GERMANY — 1.1%
	2,679,317	Other Securities		68,764,615
GIBRALTAR — 0.0%
	11,850	Other Securities		27,568
GREECE — 0.2%
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a)(b)		0
	5,727,676	Other Securities		12,025,585
	22,848	Proton Bank SA(a)(b)		0
	12,534	T Bank SA(a)(b)		0
	31,091	TT Hellenic Postbank SA(a)(b)		0
				12,025,585
HONG KONG — 1.0%
	74,000	Associated International Hotels Ltd.		188,873
	504,000	Bel Global Resources Holdings Ltd.(a)(b)		0
	289,000	Brightoil Petroleum Holdings Ltd.(a)(b)		55,322

Shares			Value
HONG KONG (continued)
	28,000	Camsing International Holding, Ltd.(a)	$	4,145
	525,600	China Fiber Optic Network System Group Ltd.(a)(b)		3,521
	6,603,000	China High Precision Automation Group Ltd.(a)(b)		0
	193,200	China Metal Recycling Holdings Ltd.(a)(b)		0
	244,000	DBA Telecommunication Asia Holdings Ltd.(a)(b)		11,851
	168,234	EganaGoldpfeil Holdings Ltd.(a)(b)		0
	166,000	Hsin Chong Group Holdings Ltd.(a)(b)		7,415
	220,000	Hua Han Health Industry Holdings Ltd.(a)(b)		14,880
	429,000	Mingfa Group International Co. Ltd.(a)(b)		3,082
	148,006,979	Other Securities		61,599,561
	1,340,246	Pacific Andes International Holdings Ltd.(a)(b)		4,686
	48,000	Peace Mark Holdings Ltd.(a)(b)		0
	182,386	SMI Holdings Group Ltd.(a)(b)		11,638
	44,000	Up Energy Development Group Ltd.(a)(b)		136
				61,905,110
HUNGARY — 0.0%
	42,758	Other Securities		639,122
INDIA — 0.5%
	297	Aarti Surfactants Ltd.(a)(b)		890
	56,756	Chennai Super Kings Cricket Ltd.(a)(b)		338
	2,835	Hemisphere Properties India Ltd.(a)(b)		6,667
	15,483,672	Other Securities		34,655,812
				34,663,707
INDONESIA — 0.1%
	9,876,000	Bakrie Telecom Tbk PT(a)(b)		26,384
	74,548,482	Other Securities		6,027,336
	4,875,000	Truba Alam Manunggal Engineering PT(a)(b)		0
				6,053,720
IRELAND — 1.2%
	576,745	Allegion Plc		66,925,490
	4,646	Datalex Plc(a)(b)		3,560
	369,974	Other Securities		7,036,762
				73,965,812
ISLE OF MAN — 0.0%
	45,738	Other Securities		371,039

Shares			Value
ISRAEL — 0.7%
	6,801,973	Other Securities	$	45,792,475
ITALY — 1.0%
	1,779	Mariella Burani SpA(a)(b)		0
	11,849,891	Other Securities		65,334,807
	6,610	Uni Land SpA(a)(b)		0
				65,334,807
JAPAN — 8.1%
	31,292,975	Other Securities		505,717,469
JERSEY CHANNEL ISLANDS — 0.3%
	323,930	Other Securities		19,774,844
JORDAN — 0.0%
	3,419	Other Securities		89,019
LIECHTENSTEIN — 0.0%
	1,019	Other Securities		91,486
LUXEMBOURG — 0.0%
	62,228	Other Securities		1,457,867
MACAU — 0.0%
	16,400	Other Securities		26,078
MALAYSIA — 0.1%
	7,888,281	Other Securities		3,811,424
MALTA — 0.0%
	14,841	Other Securities		107,530
MEXICO — 0.1%
	2,827,829	Other Securities		4,245,303
MONACO — 0.0%
	1,900	Other Securities		34,405
MONGOLIA — 0.0%
	71,450	Other Securities		6,656
NETHERLANDS — 0.6%
	1,935,427	Other Securities		38,029,036
	86,230	SNS REAAL NV(a)(b)		0
				38,029,036
NEW ZEALAND — 0.3%
	6,753	CBL Corp. Ltd.(a)(b)		2,574
	2,948,708	Other Securities		21,725,435
				21,728,009
NORWAY — 0.2%
	1,845,393	Other Securities		11,039,145
PERU — 0.1%
	312,163	Other Securities		4,548,139
PHILIPPINES — 0.0%
	4,047	Altus San Nicolas Corp.(a)(b)		413
	7,591,644	Other Securities		2,206,269
				2,206,682
POLAND — 0.2%
	6,148,453	Other Securities		11,461,884

Shares			Value
PORTUGAL — 0.1%
	1,231,589	Banco Espirito Santo SA(a)(b)	$	0
	1,995,248	Other Securities		5,987,661
				5,987,661
PUERTO RICO — 0.1%
	140,700	Other Securities		4,304,013
QATAR — 0.1%
	4,485,916	Other Securities		3,771,156
ROMANIA — 0.0%
	3,908	Other Securities		34,010
RUSSIA — 0.6%
	4,105,567,739	Other Securities		40,951,999
SAUDI ARABIA — 0.0%
	963,836	Other Securities		3,094,309
SINGAPORE — 0.3%
	21,700	Best World International Ltd.(a)		16,126
	88,000	CW Group Holdings Ltd.(a)(b)		486
	584,900	Ezion Holdings Ltd.(a)(b)		6,922
	92,950	Jurong Technologies Industrial Corp. Ltd.(a)(b)		0
	400,600	Midas Holdings Ltd.(a)(b)		10,601
	18,953,980	Other Securities		16,627,492
				16,661,627
SOUTH AFRICA — 0.6%
	8,160,692	Other Securities		36,339,822
	3,369	Tongaat Hulett Ltd.(a)(b)		2,209
				36,342,031
SOUTH KOREA — 1.1%
	4,283,881	Other Securities		70,722,981
SPAIN — 0.4%
	20,024	Caja de Ahorros del Mediterraneo(a)(b)		0
	3,443,287	Other Securities		25,628,499
				25,628,499
SWEDEN — 1.2%
	6,872,496	Other Securities		72,459,399
SWITZERLAND — 0.8%
	1,859,945	Other Securities		50,814,028
TAIWAN — 1.6%
	147,705,433	Other Securities		102,387,804
	121,000	Prodisc Technology, Inc.(a)(b)		0
	10,961	Sino-American Electronic Co. Ltd.(a)(b)		0
	44,673	Wintek Corp.(a)(b)		504
				102,388,308
THAILAND — 0.1%
	49,290,841	Other Securities		8,125,934

Shares			Value
TURKEY — 0.4%
	24,265,886	Other Securities	$	25,393,661
UKRAINE — 0.0%
	4,290	Other Securities		47,721
UNITED ARAB EMIRATES — 0.0%
	3,359,402	Other Securities		867,791
UNITED KINGDOM — 4.2%
	129,757	Afren Plc(a)(b)		0
	23,025	Carclo Plc(a)(b)		3,191
	87,391	Carillion Plc(a)(b)		0
	362,034	Mcbride PLC(a)(b)		469
	2,830,105	Ocado Group Plc(b)		48,720,962
	29,219,113	Other Securities		178,438,765
	5,827	Patisserie Holdings Plc(a)(b)		0
	6,327,066	Rentokil Initial Plc		37,249,854
				264,413,241
UNITED STATES — 52.7%
	339,197	Advance Auto Parts, Inc.		55,112,729
	291,049	Alnylam Pharmaceuticals, Inc.(b)		25,245,590
	232,522	ANSYS, Inc.(b)		51,189,718
	842,800	AO Smith Corp.		41,870,304
	348,412	AptarGroup, Inc.		41,164,878
	610,000	Avanos Medical, Inc.(b)		26,864,400
	471,795	Blackline, Inc.(b)		22,051,698
	150,700	Burlington Stores, Inc.(b)		28,960,019
	161,930	Cabot Microelectronics Corp.		24,470,862
	319,200	CDW Corp.		40,828,872
	352,400	CONMED Corp.		38,771,048
	200,994	Cooper Cos., Inc. (The)		58,489,254
	731,915	CoreLogic, Inc.(b)		29,635,238
	478,520	Dover Corp.		49,713,443
	263,908	Equifax, Inc.		36,078,863
	2,210,100	Hostess Brands, Inc.(b)		28,245,078
	1,277,555	IAA, Inc.(b)		48,738,723
	217,530	IDEX Corp.		33,832,441
	330,109	Ingredion, Inc.		26,078,611
	560,005	Integra LifeScience Holdings Corp.(b)		32,513,890
	275,000	John Bean Technologies Corp.		28,261,750
	1,068,655	KAR Auction Services, Inc.		26,566,763
	138,935	L3Harris Technologies, Inc.		28,663,680
	199,055	Laboratory Corp of America Holdings(b)		32,798,292
	186,400	Lancaster Colony Corp.		25,943,152
	110,579	LendingTree, Inc.(b)		39,791,853
	92,726	MarketAxess Holdings, Inc.		34,177,876
	296,100	MSA Safety, Inc.		35,552,727
	544,310	Nasdaq, Inc.		54,305,809
	48,550,036	Other Securities		1,723,373,328
	1,600,000	Pure Storage, Inc. - Class A(b)		31,136,000
	325,000	Q2 Holdings, Inc.(b)		23,234,250
	16,814,350	Samsonite International SA		34,633,147

Shares			Value
UNITED STATES (continued)
	425,500	Sensient Technologies Corp.	$	26,619,280
	566,770	Six Flags Entertainment Corp.		23,912,026
	312,080	STERIS Plc		44,181,166
	411,855	Synopsys, Inc.(b)		55,909,316
	446,556	Teladoc Health, Inc.(b)		34,206,190
	156,233	Teleflex, Inc.		54,276,907
	355,000	UMB Financial Corp.		23,167,300
	269,795	Verisk Analytics, Inc.		39,039,337
	1,615,000	Welbilt, Inc.(b)		30,620,400
	218,640	West Pharmaceutical Services, Inc.		31,449,178
	1,006,690	Wyndham Hotels & Resorts, Inc.		54,331,059
	1,827,044	Yext, Inc.(b)		30,073,144
				3,306,079,589
VIETNAM — 0.0%
	1,811,078	Other Securities		1,359,243
Total Common Stocks (Cost $4,844,227,433)				5,712,257,980
INVESTMENT COMPANY — 0.8%
	48,423,912	SEI Daily Income Trust Government II Fund, Class A 1.68%(c)		48,423,912
Total Investment Company (Cost $48,423,911)				48,423,912
EXCHANGE-TRADED FUNDS — 4.3%
	598,400	iShares Russell 2000 Index Fund		93,021,280
	3,102,000	VanEck Vectors Gold Miners ETF		87,321,300
	2,398,000	VanEck Vectors Junior Gold Miners ETF		94,025,580
Total Exchange-Traded Funds (Cost $246,553,260)				274,368,160
RIGHTS/WARRANTS**— 0.0%
AUSTRALIA — 0.0%
	1,710	Centrebet Litigation Rights, 12/01/49(a)(b)		—
	1,710	Centrebet Litigation Units(a)(b)		—
				—
AUSTRIA — 0.0%
	9,812	Intercell Contigent Value Rights AG, Expire 05/22/29(a)(b)		—
HONG KONG — 0.0%
	600	Other Securities		—
INDONESIA — 0.0%
	796,300	Other Securities		7,602

Shares			Value
ITALY — 0.0%
	63,364	Other Securities	$	6,290
SINGAPORE — 0.0%
	169,647	Other Securities		—
	62,430	Other Securities		4,130
				4,130
SPAIN — 0.0%
	4,051	Other Securities		17,327
TAIWAN — 0.0%
	1,983	Other Securities		694
THAILAND — 0.0%
	1,036,874	Other Securities		1,374
	64,900	Other Securities		—
				1,374
UNITED KINGDOM — 0.0%
	128,742	GVC Holdings Plc - CVR Shares, Rights, Expire 12/31/30(a)(b)		—
UNITED STATES — 0.0%
	9,600	Ligand Pharmaceuticals Contingent Value Rights(a)(b)		—
Total Rights/Warrants (Cost $1,824)			$	37,417

Principal Amount			Value
U.S. GOVERNMENT AGENCIES — 2.4%
Federal Home Loan Bank — 2.4%
	21,000,000	0.37%, 11/01/2007(b)(d)	$	21,000,000
	25,000,000	1.69%, 12/10/2015(b)(d)		24,954,771
	75,000,000	1.71%, 12/12/2019(b)(d)		74,857,355
	29,000,000	1.81%, 11/19/2019(b)(d)		28,975,640
Total U.S. Government Agencies (Cost $149,781,542)				149,787,766

Shares
CASH SWEEP — 0.9%
	58,098,722	Citibank - US Dollars on Deposit in Custody Account, 0.12%(b)(c)		58,098,722
Total Cash Sweep (Cost $58,098,722)				58,098,722
TOTAL INVESTMENTS — 99.4% (Cost $5,347,086,692)			$	6,242,973,957
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				35,467,096
NET ASSETS — 100.0%			$	6,278,441,053

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The Aggregate value of the fair valued securities is $329,072 which is 0.01% of net assets and the cost is $6,028,242.
(b)	Non-income producing security.
(c)	The rate shown represents the current yield as of October 31, 2019.
(d)	The rate represents the annualized yield at time of purchase.
**	“Other Securities” represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of October 31, 2019.

This Condensed Portfolio of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” rep-

resent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission(“SEC”). The complete Portfolio of Investments is available(i) without charge, upon request, by calling (800) 607-2200;and (ii) on the SEC’s website at http://www.sec.gov.

Level 3 common stocks and rights with a value of $329,072 (cost of 6,028,242) or 0.01% of net assets were fair valued by the Board of Directors.

The following abbreviations are used in the report:

ADR — American Depositary Receipt

CVR — Contingent Value Rights

ETF — Exchange Traded Fund

REIT — Real Estate Investment Trust

VVPR — Voter Verified Paper Record

Portfolio Diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Industrials		17.2	%
Information Technology		15.2
Health Care		14.7
Consumer Discretionary		13.7
Banks		7.4
Materials		5.7
Consumer Staples		4.6
Diversified Financials		3.9
Real Estate		3.5
Utilities		2.5
Insurance		2.5
Energy		1.3
Telecommunication Services		1.9
Other*		5.9
Total		100.0	%

Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Shares			Value
EXCHANGE-TRADED FUNDS — 1.5%
UNITED STATES — 1.5%
	375,000	iShares Short-Term Corporate Bond ETF	$	20,167,500
	741,500	Vanguard Short-Term Corporate Bond ETF		60,261,705

Total Exchange-Traded Funds (Cost $79,799,907)				80,429,205

Contracts
CALL OPTIONS PURCHASED — 0.3%
	20,000	Invesco QQQ Trust Series 1, Strike $198.00, Expires 11/01/19, (Notional amount $400,000,000)		880,000
	100,000	iShares China Large-Cap ETF, Strike $43.00, Expires 11/15/19, (Notional amount $430,000,000)		700,000
	50,000	iShares MSCI EAFE ETF, Strike $67.50, Expires 11/15/19, (Notional amount $337,500,000)		2,300,000
	50,000	iShares MSCI Emerging Markets ETF, Strike $43.00, Expires 11/08/19, (Notional amount $215,000,000)		800,000
	1,000	S&P 500 Index, Strike $3,030.00, Expires 11/06/19, (Notional amount $303,000,000)		1,890,000
	1,500	S&P 500 Index, Strike $3,070.00, Expires 11/13/19, (Notional amount $460,500,000)		1,110,000
	50,000	VanEck Vectors Gold Miners ETF, Strike $28.50, Expires 11/15/19, (Notional amount $142,500,000)		2,450,000
	50,000	VanEck Vectors Gold Miners ETF, Strike $29.00, Expires 12/06/19, (Notional amount $145,000,000)		3,200,000
Total Call Options Purchased (Cost $15,610,334)				13,330,000

PUT OPTIONS PURCHASED — 0.0%
	1,000	S&P 500 Index, Strike $2,900.00, Expires 11/22/19, (Notional amount $290,000,000)		750,000
Total Put Options Purchased (Cost $4,044,238)				750,000

Principal Amount			Value
BANK LOANS — 0.4%
UNITED STATES — 0.4%
$	3,181,818	Caliber Home Loans, Inc., 0.00%, 04/24/21(a)(b)	$	3,173,863
	5,473,605	Lstar 19-1 Securities Financing, (LIBOR + 2.000%), 2.44%, 05/30/22(a)(b)		5,473,605
	8,000,000	Rntr Seer Financing, (LIBOR + 2.375%), 4.49%, 12/20/21(a)(b)		7,980,000
	5,173,708	Roundpoint Mortgage Servicing Corp., (LIBOR + 3.375%), 3.38%, 08/27/20(a)(b)		5,171,639
Total Bank Loans (Cost $21,829,131)				21,799,107

CORPORATE BONDS — 4.5%
AUSTRALIA — 0.0%
	280,000	Commonwealth Bank of Australia, 3.74%, 09/12/39(c)		280,872
	325,000	Macquarie Bank Ltd., 6.63%, 04/07/21(c)		344,231
	1,000,000	National Australia Bank Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.880%, 3.93%, 08/02/34(c)(d)		1,034,362
				1,659,465
BERMUDA — 0.0%
	1,250,000	Ooredoo International Finance Ltd., 5.00%, 10/19/25(c)		1,393,750
BRAZIL — 0.2%
	500,000	BRF SA, 4.75%, 05/22/24(c)		518,250
	578,000	BRF SA, 4.88%, 01/24/30(c)		576,497
	1,500,000	CSN Resources SA, 6.50%, 07/21/20(c)		1,526,250
	1,000,000	Globo Comunicacao e Participacoes SA, 4.84%, 06/08/25(c)		1,032,510
	1,500,000	Nexa Resources SA, 5.38%, 05/04/27(c)		1,593,765
	750,000	Vale Overseas Ltd., 6.25%, 08/10/26		873,900
	1,000,000	Vale Overseas Ltd., 6.88%, 11/21/36		1,272,000
				7,393,172

Principal Amount			Value
CANADA — 0.1%
$	1,050,000	1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(a)	$	1,076,250
	1,000,000	Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.25%, 09/15/27(a)		1,020,000
	1,000,000	Mercer International, Inc., 7.38%, 01/15/25		1,037,500
	125,000	Telesat Canada / Telesat LLC, 6.50%, 10/15/27(a)		130,506
				3,264,256
CAYMAN ISLANDS — 0.2%
	5,178,529	Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%, 7.10%, 02/12/23(a)(e)		5,217,368
	500,000	Banco do Brasil SA, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 7.780%, 8.50%, 04/20/68(c)(d)		525,300
	1,000,000	DP World Crescent Ltd., 4.85%, 09/26/28(c)		1,090,000
	260,000	Emaar Sukuk Ltd., 3.88%, 09/17/29(c)		253,467
	600,000	HPHT Finance 17 Ltd., 2.75%, 09/11/22		600,971
	750,000	Itau Unibanco Holding SA, 5.13%, 05/13/23(c)		795,375
	1,000,000	MAF Global Securities Ltd., (5 yr. Swap Semi 30/360 US + 3.480%, 5.50%, 09/07/68(c)(d)		1,002,500
	427,082	SPARC EM SPC Panama Metro Line 2 SP, 0.00%, 12/05/22(c)(f)		408,935
				9,893,916
CHILE — 0.1%
	660,000	Corp. Nacional del Cobre de Chile, 3.00%, 09/30/29(c)		658,396
	1,000,000	Corp. Nacional del Cobre de Chile, 4.25%, 07/17/42(c)		1,071,064
	600,000	Inversiones CMPC SA, 4.38%, 04/04/27(c)		621,561
				2,351,021
COLOMBIA — 0.1%
	1,100,000	Bancolombia SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.930%, 4.88%, 10/18/27(d)		1,131,636
	850,000	Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26(c)		947,759
				2,079,395

Principal Amount			Value
FRANCE — 0.0%
$	500,000	Constellium NV, 5.88%, 02/15/26(a)	$	521,250
GUATEMALA — 0.0%
	1,000,000	Central American Bottling Corp., 5.75%, 01/31/27(c)		1,055,010
HONG KONG — 0.0%
	1,000,000	Bank of East Asia Ltd. (The), (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.830%, 5.50%, 06/02/68(c)(d)		1,004,878
	897,000	Health & Happiness H&H International Holdings Ltd., 7.25%, 06/21/21(c)		912,787
				1,917,665
INDIA — 0.0%
	500,000	Delhi International Airport Ltd., 6.13%, 02/03/22(c)		523,304
	600,000	Indian Railway Finance Corp. Ltd., 3.73%, 03/29/24(c)		623,718
				1,147,022
IRELAND — 0.0%
	1,775,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 6.00%, 02/15/25(a)		1,863,750
ISLE OF MAN — 0.0%
	1,000,000	Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/29(c)		1,130,000
ISRAEL — 0.0%
	1,500,000	Israel Electric Corp. Ltd., 4.25%, 08/14/28(a)(c)		1,627,365
LUXEMBOURG — 0.1%
	500,000	Altice Financing SA, 6.63%, 02/15/23(a)		513,600
	1,050,000	DH Europe Finance II Sarl, 3.40%, 11/15/49		1,071,855
	771,000	DH Europe Finance II Sarl, 2.60%, 11/15/29		778,951
	1,000,000	Gazprom OAO Via Gaz Capital SA, 5.15%, 02/11/26(c)		1,090,844
	450,000	Millicom International Cellular SA, 6.25%, 03/25/29(c)		491,054
	1,670,000	Rede D’or Finance Sarl, 4.95%, 01/17/28(c)		1,688,788
	276,000	Ultrapar International SA, 5.25%, 10/06/26(c)		295,568
	800,000	Ultrapar International SA, 5.25%, 06/06/29(c)		832,000
				6,762,660

Principal Amount			Value
MEXICO — 0.1%
$	800,000	America Movil SAB de CV, 6.13%, 03/30/40	$	1,081,641
	850,000	Grupo Bimbo SAB de CV, 4.70%, 11/10/47(c)		910,828
	200,000	Grupo Bimbo SAB de CV, 4.00%, 09/06/49(c)		190,884
	1,000,000	Grupo Televisa SAB, 5.25%, 05/24/49		1,094,232
	1,100,000	Sigma Alimentos SA de CV, 4.13%, 05/02/26(c)		1,146,761
				4,424,346
NETHERLANDS — 0.1%
	280,000	Braskem Netherlands Finance BV, 4.50%, 01/31/30(c)		277,480
	500,000	Lukoil International Finance BV, 4.56%, 04/24/23(c)		527,966
	900,000	MDC-GMTN BV, 4.50%, 11/07/28(c)		1,013,625
	1,000,000	Myriad International Holdings BV, 5.50%, 07/21/25(c)		1,114,856
	500,000	Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 7.00%, 07/15/26(a)		539,375
	1,500,000	VEON Holdings BV, 4.95%, 06/16/24(c)		1,596,435
				5,069,737
PERU — 0.0%
	500,000	Southern Copper Corp., 3.88%, 04/23/25		523,921
SAUDI ARABIA — 0.0%
	400,000	Saudi Arabian Oil Co., 3.50%, 04/16/29(c)		415,495
	400,000	Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(c)		453,000
	550,000	Saudi Electricity Global Sukuk Co. 4, 4.72%, 09/27/28(c)		614,625
				1,483,120
SINGAPORE — 0.1%
	1,060,000	BOC Aviation Ltd., 3.00%, 09/11/29(c)		1,042,528
	1,000,000	Jubilant Pharma Ltd., 6.00%, 03/05/24(c)		1,037,921
				2,080,449
SOUTH KOREA — 0.0%
	550,000	KDB Life Insurance Co. Ltd., 7.50%, 11/21/67(c)		547,927
	200,000	Kia Motors Corp., 3.50%, 10/25/27(c)		203,604

Principal Amount			Value
SOUTH KOREA (continued)
$	500,000	Shinhan Bank Co., Ltd., 4.00%, 04/23/29(c)	$	529,568
				1,281,099
UNITED ARAB EMIRATES — 0.1%
	3,175,000	DAE Funding LLC, 5.00%, 08/01/24(a)		3,314,065
	523,800	Emirates Airline, 4.50%, 02/06/25(c)		533,726
				3,847,791
UNITED KINGDOM — 0.1%
	1,400,000	AngloGold Ashanti Holdings Plc, 6.50%, 04/15/40		1,585,178
	1,375,000	Jaguar Land Rover Automotive Plc, 3.50%, 03/15/20(a)		1,371,563
	500,000	State Bank of India/London, 4.38%, 01/24/24(c)		527,126
				3,483,867
UNITED STATES — 3.2%
	500,000	Advanced Drainage Systems, Inc., 5.00%, 09/30/27(a)		511,250
	2,000,000	Alcon Finance Corp., 3.00%, 09/23/29(a)		2,041,112
	280,122	Ambac Assurance Corp., 5.10%, 06/07/20(a)		406,177
	1,775,000	American Tower Corp., 3.70%, 10/15/49		1,763,539
	3,050,000	American Tower Corp., REIT, 3.80%, 08/15/29		3,260,550
	475,000	AMN Healthcare, Inc., 4.63%, 10/01/27(a)		483,849
	950,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46		1,139,585
	2,850,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36		3,309,185
	1,850,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/29		2,150,082
	1,750,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, 04/15/48		1,996,917
	1,250,000	Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49		1,650,760
	850,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 04/15/58		999,634
	1,000,000	Apple, Inc., 3.00%, 11/13/27		1,056,844

Principal Amount			Value
UNITED STATES (continued)
$	1,000,000	Aramark Services, Inc., 5.13%, 01/15/24	$	1,031,010
	325,000	Ashtead Capital, Inc., 4.00%, 05/01/28(a)		326,219
	325,000	Ashtead Capital, Inc., 4.25%, 11/01/29(a)		328,250
	1,975,000	AT&T, Inc., 4.30%, 02/15/30		2,172,200
	1,975,000	AT&T, Inc., 4.50%, 05/15/35		2,178,710
	2,500,000	Avantor, Inc., 6.00%, 10/01/24(a)		2,672,200
	500,000	Avantor, Inc., 9.00%, 10/01/25(a)		558,600
	275,000	Bausch Health Cos, Inc., 6.50%, 03/15/22(a)		282,906
	1,000,000	Bausch Health Cos, Inc., 6.13%, 04/15/25(a)		1,038,125
	2,000,000	Bausch Health Cos, Inc., 5.50%, 11/01/25(a)		2,090,020
	1,000,000	Bausch Health Cos, Inc., 5.75%, 08/15/27(a)		1,085,938
	1,000,000	BCD Acquisition, Inc., 9.63%, 09/15/23(a)		1,028,770
	1,000,000	Berry Global, Inc., 5.50%, 05/15/22		1,013,750
	2,400,000	Berry Global, Inc., 5.63%, 07/15/27(a)		2,526,000
	1,350,000	Bristol-Myers Squibb Co., 3.40%, 07/26/29(a)		1,452,042
	500,000	Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(a)		511,875
	2,000,000	Calpine Corp., 5.75%, 01/15/25		2,052,500
	1,700,000	Caterpillar, Inc., 2.60%, 09/19/29		1,731,362
	2,700,000	CCO Holdings LLC / CCO Holdings Capital Corp., 5.38%, 05/01/25(a)		2,801,250
	1,000,000	CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28(a)		1,045,900
	325,000	CCO Holdings LLC / CCO Holdings Capital Corp., 5.38%, 06/01/29(a)		346,938
	2,100,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30(a)		2,141,370
	175,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22		177,406
	2,000,000	Centene Corp., 5.38%, 06/01/26(a)		2,117,000

Principal Amount			Value
UNITED STATES (continued)
$	1,425,000	CF Industries, Inc., 3.40%, 12/01/21(a)	$	1,448,792
	525,000	Charles River Laboratories International, Inc., 4.25%, 05/01/28(a)		534,896
	1,800,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.05%, 03/30/29		2,029,892
	1,600,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.38%, 10/23/35		1,967,170
	925,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 04/01/48		1,063,142
	1,250,000	Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27		1,346,875
	1,000,000	Cheniere Energy Partners LP, 5.25%, 10/01/25		1,035,000
	525,000	Cheniere Energy Partners LP, 4.50%, 10/01/29(a)		534,844
	700,000	Cigna Corp., 3.75%, 07/15/23		733,277
	525,000	Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(a)		546,488
	430,000	Clearway Energy Operating LLC, 5.38%, 08/15/24		435,913
	1,000,000	Clearway Energy Operating LLC, 5.75%, 10/15/25		1,026,250
	1,477,000	Comcast Corp., 3.45%, 02/01/50		1,515,554
	1,525,000	Comcast Corp., 4.15%, 10/15/28		1,722,611
	2,275,000	Comcast Corp., 4.70%, 10/15/48		2,801,522
	1,500,000	CommScope, Inc., 6.00%, 03/01/26(a)		1,541,250
	1,525,000	Concho Resources, Inc., 4.38%, 01/15/25		1,576,106
	900,000	Concho Resources, Inc., 4.30%, 08/15/28		971,199
	1,425,000	Constellation Brands, Inc., 4.75%, 11/15/24		1,579,741
	1,400,000	Constellation Brands, Inc., 4.75%, 12/01/25		1,572,315
	1,025,000	Constellation Brands, Inc., 4.65%, 11/15/28		1,170,583
	2,125,000	Constellation Brands, Inc., 3.15%, 08/01/29		2,163,947
	1,275,000	Constellation Brands, Inc., 4.10%, 02/15/48		1,351,196

Principal Amount			Value
UNITED STATES (continued)
$	875,000	Crown Castle International Corp., 3.65%, 09/01/27	$	929,562
	2,100,000	Crown Castle International Corp., REIT, 3.15%, 07/15/23		2,152,235
	900,000	Crown Castle International Corp., REIT, 3.10%, 11/15/29		914,532
	1,275,000	Crown Castle International Corp., REIT, 4.00%, 11/15/49		1,331,636
	2,000,000	CSC Holdings LLC, 6.63%, 10/15/25(a)		2,130,000
	1,200,000	CSC Holdings LLC, 5.75%, 01/15/30(a)		1,261,500
	2,025,000	CVS Health Corp., 3.70%, 03/09/23		2,111,278
	1,300,000	CVS Health Corp., 3.00%, 08/15/26		1,321,818
	850,000	CVS Health Corp., 4.30%, 03/25/28		924,491
	1,325,000	CVS Health Corp., 3.25%, 08/15/29		1,338,698
	750,000	Deutsche Bank AG/New York NY, 4.25%, 10/14/21		770,912
	2,000,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 08/15/26(a)		2,090,000
	400,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 6.63%, 08/15/27(a)		412,000
	200,000	Diamondback Energy, Inc., 4.75%, 11/01/24		206,750
	3,150,000	Discovery Communications LLC, 2.95%, 03/20/23		3,208,573
	1,550,000	Energy Transfer Operating LP, 4.25%, 03/15/23		1,624,747
	1,225,000	Equinix, Inc., 5.88%, 01/15/26		1,301,195
	200,000	Equinix, Inc., 5.38%, 05/15/27		217,000
	2,250,000	Ford Motor Credit Co. LLC, 4.06%, 11/01/24		2,257,695
	875,000	Ford Motor Credit Co. LLC, 5.11%, 05/03/29		886,068
	950,000	Fox Corp., 4.03%, 01/25/24(a)		1,015,245
	1,000,000	Gray Television, Inc., 5.13%, 10/15/24(a)		1,036,250
	500,000	Greif, Inc., 6.50%, 03/01/27(a)		537,500
	1,000,000	H&E Equipment Services, Inc., 5.63%, 09/01/25		1,051,250
	1,300,000	HCA, Inc., 5.25%, 04/15/25		1,446,410

Principal Amount			Value
UNITED STATES (continued)
$	1,200,000	HCA, Inc., 5.25%, 06/15/49	$	1,327,956
	2,277,000	Hologic, Inc., 4.38%, 10/15/25(a)		2,332,855
	875,000	Home Depot, Inc. (The), 2.95%, 06/15/29		923,045
	1,275,000	Home Depot, Inc. (The), 4.50%, 12/06/48		1,599,387
	800,000	iStar, Inc., REIT, 4.75%, 10/01/24		825,000
	1,000,000	Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(a)		1,021,250
	500,000	JB Poindexter & Co., Inc., 7.13%, 04/15/26(a)		521,250
	1,210,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 04/15/29(a)		1,346,161
	1,000,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 01/15/30(c)		1,076,250
	1,025,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, 06/01/24(a)		1,063,438
	600,000	Kinder Morgan Energy Partners LP, 4.30%, 05/01/24		641,040
	1,975,000	Kraft Heinz Foods Co., 3.75%, 04/01/30(a)		2,018,593
	1,000,000	Lamar Media Corp., 5.75%, 02/01/26		1,061,250
	1,229,000	Level 3 Financing, Inc., 5.38%, 01/15/24		1,253,580
	450,000	Live Nation Entertainment, Inc., 4.75%, 10/15/27(a)		469,170
	350,000	Marriott Ownership Resorts, Inc., 4.75%, 01/15/28(a)		357,980
	700,000	Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(a)		720,125
	600,000	Microsoft Corp., 3.30%, 02/06/27		649,479
	325,000	Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/27(a)		340,438
	575,000	MPT Operating Partnership LP / MPT Finance Corp., 4.63%, 08/01/29		599,806
	100,000	Nexstar Broadcasting, Inc., 5.88%, 11/15/22		101,500
	625,000	Nexstar Broadcasting, Inc., 5.63%, 08/01/24(a)		652,113
	1,025,000	NextEra Energy Operating Partners LP, 4.25%, 07/15/24(a)		1,052,880

Principal Amount			Value
UNITED STATES (continued)
$	650,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 5.63%, 02/15/24	$	667,063
	500,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 08/15/27(a)		523,765
	600,000	PayPal Holdings, Inc., 2.65%, 10/01/26		607,258
	2,650,000	PayPal Holdings, Inc., 2.85%, 10/01/29		2,665,825
	225,000	Performance Food Group, Inc., 5.50%, 10/15/27(a)		237,938
	375,000	Plains All American Pipeline LP / PAA Finance Corp., 5.75%, 01/15/20		377,438
	1,500,000	Post Holdings, Inc., 5.50%, 03/01/25(a)		1,571,400
	500,000	Reliance Holding USA, Inc., 5.40%, 02/14/22(c)		531,847
	900,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.13%, 07/15/23(a)		923,355
	1,500,000	SBA Communications Corp., 4.88%, 07/15/22		1,515,945
	2,025,000	Sherwin-Williams Co. (The), 3.45%, 06/01/27		2,136,514
	2,150,000	Sherwin-Williams Co. (The), 2.95%, 08/15/29		2,173,229
	1,575,000	Sherwin-Williams Co. (The), 3.80%, 08/15/49		1,600,897
	3,395,000	Southern Star Central Corp., 5.13%, 07/15/22(a)		3,436,792
	625,000	Springleaf Finance Corp., 6.13%, 03/15/24		683,594
	500,000	Springleaf Finance Corp., 7.13%, 03/15/26		570,000
	1,375,000	TEGNA, Inc., 5.00%, 09/15/29(a)		1,393,906
	950,000	TerraForm Power Operating LLC, 4.75%, 01/15/30(a)		982,063
	500,000	T-Mobile USA, Inc., 6.38%, 03/01/25		518,855
	2,150,000	Toll Brothers Finance Corp., 3.80%, 11/01/29		2,112,375
	450,000	United Rentals North America, Inc., 3.88%, 11/15/27		454,613
	1,000,000	VeriSign, Inc., 4.75%, 07/15/27		1,056,250
	500,000	Verscend Escrow Corp., 9.75%, 08/15/26(a)		531,875
	1,500,000	Viking Cruises Ltd., 5.88%, 09/15/27(a)		1,593,750
	1,000,000	Wabtec Corp., 4.40%, 03/15/24		1,067,046

Principal Amount			Value
UNITED STATES (continued)
$	1,225,000	Walt Disney Co. (The), 2.00%, 09/01/29	$	1,194,301
	42,119,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 02/04/49(b)		0
	21,131,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 06/16/49(b)		0
	9,840,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 11/06/49(b)		0
	3,000,000	Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(b)		0
	1,350,000	WellCare Health Plans, Inc., 5.38%, 08/15/26(a)		1,436,063
	325,000	Yum! Brands, Inc., 4.75%, 01/15/30(a)		340,844
				171,485,080
Total Corporate Bonds (Cost $233,567,969)				237,739,107
GOVERNMENT BONDS — 2.6%
BRAZIL — 0.0%
	1,000,000	Brazilian Government International Bond, 5.00%, 01/27/45		1,039,510
CANADA — 1.7%
	115,700,000	Canadian Government Bond, 1.25%, 02/01/20		87,742,607
QATAR — 0.0%
	1,000,000	Qatar Government International Bond, 4.82%, 03/14/49(c)		1,229,820
SAUDI ARABIA — 0.0%
	350,000	Saudi Government International Bond, 5.25%, 01/16/50(c)		431,024
UNITED ARAB EMIRATES — 0.0%
	1,000,000	Abu Dhabi Government International Bond, 4.13%, 10/11/47(c)		1,149,754
UNITED KINGDOM — 0.9%
	36,000,000	United Kingdom Gilt, 4.75%, 03/07/20		47,283,218
Total Government Bonds (Cost $142,603,074)				138,875,933

Principal Amount			Value
ASSET-BACKED SECURITIES — 13.5%
CAYMAN ISLANDS — 2.6%
Collateralized Loan Obligations — 2.1%
$	11,750,000	Adams Mill CLO Ltd., Series 2014-1A, Class F, (3 mo. LIBOR US + 5.690%), 7.69%, 07/15/26(e)	$	10,479,064
	1,000,000	Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.700%), 7.67%, 04/20/31(a)(e)		872,131
	1,000,000	Apidos CLO XXII, Series 2015-22A, Class D, (3 mo. LIBOR US + 6.000%), 7.97%, 10/20/27(a)(e)		937,181
	2,533,500	Apidos CLO XXIII, Series 2015-23A, Class D2, (3 mo. LIBOR US + 5.950%), 7.95%, 01/15/27(a)(e)		2,533,872
	1,500,000	BlueMountain CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 5.450%), 7.45%, 04/13/27(a)(e)		1,466,998
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class DR, (3 mo. LIBOR US + 4.350%), 6.29%, 04/27/27(a)(e)		931,783
	1,065,808	Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR US + 8.500%), 10.47%, 07/20/32(a)(e)		974,628
	500,000	Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.200%), 7.17%, 04/20/27(a)(e)		440,058
	1,000,000	Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 7.000%), 8.97%, 10/20/29(a)(e)		899,953
	17,550,000	CBAM CLO Management, Series 2019-10A, Class SUB, 0.00%, 04/20/32(a)(g)		13,367,989
	9,915,625	Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 0.00%, 01/20/31(a)(g)		7,773,977
	11,500,000	Jackson Mill CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.000%), 7.00%, 04/15/27(e)		11,081,390
	20,000,000	Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 0.00%, 04/15/27(g)		8,460,206
	7,400,000	Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, (3 mo. LIBOR US + 8.150%), 10.12%, 10/20/31(e)		6,076,543

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	1,250,000	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.000%), 7.00%, 01/15/28(a)(e)	$	1,134,723
	1,000,000	Rockford Tower CLO Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 6.080%), 8.08%, 10/15/29(a)(e)		909,908
	6,000,000	Romark CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.650%), 8.58%, 10/23/30(e)		5,527,861
	5,000,000	Romark CLO Ltd., Series 2017-1A, Class SUB, 0.00%, 10/23/30(g)		3,344,832
	15,100,000	Romark CLO Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 6.250%), 8.19%, 07/25/31(e)		13,345,972
	5,000,000	Romark CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/25/31(g)		3,428,161
	6,375,000	THL Credit Wind River CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/15/30(a)(g)		4,360,549
	1,000,000	Westcott Park CLO Ltd., (3 mo. LIBOR US + 3.250%), 5.22%, 07/20/28(a)(e)		969,091
	4,500,000	York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.400%), 8.37%, 10/20/29(a)(e)		4,174,299
	4,000,000	York CLO-3 Ltd., Series 2016-1A, Class SUB, 0.00%, 10/20/29(a)(g)		2,327,774
	6,375,000	York CLO-3 Ltd., Series 2018-1A, Class SUB, 0.00%, 10/22/31(a)(g)		4,137,212
	1,000,000	York CLO-4 Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 6.940%), 8.91%, 01/20/30(a)(e)		971,008
				110,927,163
Other Asset-Backed Securities — 0.5%
	2,800,000	ALM Loan Funding Ltd., Series 2012-6A, Class DR3, (3 mo. LIBOR US + 5.050%), 7.05%, 07/15/26(a)(e)		2,612,459
	1,000,000	ALM Loan Funding Ltd., Series 2013-7RA, Class DR, (3 mo. LIBOR US + 7.140%), 9.14%, 10/15/28(a)(e)		976,468

Principal Amount			Value
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$	2,000,000	ALM Loan Funding Ltd., Series 2015-16A, Class DR2, (3 mo. LIBOR US + 5.100%), 7.10%, 07/15/27(a)(e)	$	1,846,511
	5,000,000	Atrium VIII, Series 8A, Class SUB, 0.00%, 10/23/24(a)(g)		319,065
	2,000,000	Atrium XII, Series 12A, Class ER, (3 mo. LIBOR US + 5.250%), 7.20%, 04/22/27(a)(e)		1,812,695
	12,131,250	Atrium XIII, Series 13A, Class SUB, 0.00%, 11/21/47(a)(g)		9,288,355
	2,000,000	Madison Park Funding XVI, Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.500%), 7.47%, 04/20/26(a)(e)		1,953,869
	1,000,000	OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 7.150%), 9.12%, 01/20/29(a)(e)		958,487
	7,500,000	Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR US + 8.100%), 10.07%, 04/20/31(e)		6,193,461
				25,961,370
				136,888,533
UNITED STATES — 10.9%
Collateralized Loan Obligations — 0.2%
	3,789,781	Ari Investments LLC, 5.13%, 01/06/25(a)(b)		3,789,781
	3,177,919	Ari Investments LLC, 0.00%, 01/30/25(a)(b)		3,177,919
	2,796,551	CWHEQ Revolving Home Equity Loan Trust, Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 2.09%, 05/15/36(e)		2,748,661
	1,500,000	RMF Buyout Issuance Trust, Series 2019-1, Class M5, 6.00%, 07/25/29(a)(g)		1,474,542
				11,190,903
Other Asset-Backed Securities — 10.7%
	4,845,843	Ajax Mortgage Loan Trust, Series 2017-D, Class A, 3.75%, 12/25/57(a)		5,003,832
	1,442,387	Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(b)(g)		649,074
	2,623,007	Ajax Mortgage Loan Trust, Series 2018-A, Class A, 3.85%, 04/25/58(a)		2,678,316

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	771,564	Ajax Mortgage Loan Trust, Series 2018-A, Class B, 0.00%, 04/25/58(a)(b)	$	447,507
	7,213,015	Ajax Mortgage Loan Trust, Series 2018-D, Class A, 3.75%, 08/25/58(a)(b)(g)		7,260,621
	1,829,910	Ajax Mortgage Loan Trust, Series 2018-D, Class B, 0.00%, 08/25/58(a)(b)(g)		1,024,750
	1,312,500	Ajax Mortgage Loan Trust, Series 2018-E, Class B, 5.25%, 06/25/58(a)(g)		1,365,324
	3,321,529	Ajax Mortgage Loan Trust, Series 2018-E, Class C, 0.00%, 06/25/58(a)(b)(g)		998,119
	1,498,613	Ajax Mortgage Loan Trust, Series 2018-F, Class B, 5.25%, 11/25/58(a)(b)(g)		1,485,425
	3,611,302	Ajax Mortgage Loan Trust, Series 2018-F, Class C, 0.00%, 11/25/58(a)(b)		1,760,871
	18,251,505	Ajax Mortgage Loan Trust, Series 2018-G, Class A, 4.38%, 06/25/57(a)(b)(g)		18,346,413
	2,100,000	Ajax Mortgage Loan Trust, Series 2018-G, Class B, 5.25%, 06/25/57(a)(b)(g)		2,071,020
	5,374,214	Ajax Mortgage Loan Trust, Series 2018-G, Class C, 0.00%, 06/25/57(a)(b)		5,072,183
	20,988,571	Ajax Mortgage Loan Trust, Series 2019-A, Class-A, 3.75%, 08/25/57(a)(g)		21,125,517
	2,450,000	Ajax Mortgage Loan Trust, Series 2019-A, Class-B, 5.25%, 08/25/57(a)(b)(g)		2,410,065
	6,127,642	Ajax Mortgage Loan Trust, Series 2019-A, Class-C, 0.00%, 08/25/57(a)(b)		4,834,096
	20,120,252	Ajax Mortgage Loan Trust, Series 2019-B, Class A, 3.75%, 01/25/59(a)(g)		20,212,512
	2,100,000	Ajax Mortgage Loan Trust, Series 2019-B, Class B, 5.25%, 01/25/59(b)(g)		2,067,030
	5,386,224	Ajax Mortgage Loan Trust, Series 2019-B, Class C, 0.00%, 01/25/59(a)(b)		4,410,240
	7,153,653	Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.95%, 10/25/58(a)(g)		7,171,567
	11,179,212	Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.480%), 2.30%, 05/25/35(e)		10,637,407

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,740,999	Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5, Class M1, (1 mo. LIBOR US + 0.460%), 2.28%, 01/25/36(e)	$	3,806,707
	6,015,344	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. LIBOR US + 0.420%), 2.24%, 01/25/36(e)		4,287,729
	5,740,000	Bank of America Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(g)		4,286,763
	5,000,000	Bank of America Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.57%, 12/10/25(g)		2,938,632
	10,624,747	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 2.80%, 05/28/39(a)(e)		9,042,443
	2,346,005	Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 3.10%, 05/28/39(a)(e)		1,981,959
	3,775,185	Bayview Financial Revolving Asset Trust, Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 2.80%, 02/28/40(a)(e)		3,592,980
	2,274,506	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. LIBOR US + 1.000%), 2.80%, 12/28/40(a)(e)		2,245,184
	4,776,974	Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR US + 0.930%), 2.73%, 12/28/40(a)(e)		4,464,798
	1,814,873	Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 2.50%, 12/25/35(e)		2,113,734
	2,950,669	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR US + 0.350%), 2.17%, 03/25/36(e)		622,370
	2,950,669	Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR US + 0.350%), 2.17%, 03/25/36(e)		622,370

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	5,517,882	Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR US + 0.140%), 1.96%, 12/25/36(e)	$	5,846,487
	3,790,504	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/15/30(g)		1,265,886
	3,553,597	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/15/30(g)		1,159,119
	2,534,740	Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/15/30(g)		906,602
	5,285,371	Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3, (1 mo. LIBOR US + 0.150%), 1.97%, 04/25/36(e)		5,133,068
	4,884,740	Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR US + 0.420%), 2.24%, 02/25/37(e)		4,168,982
	12,415,000	Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.04%, 10/25/36(e)		10,498,426
	11,222,650	Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(g)		4,765,319
	14,158,775	Conseco Finance Securitizations Corp., Series 2000-4, Class A5, 7.97%, 05/01/32		5,681,502
	2,882,502	Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(g)		2,807,114
	2,779,438	Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(g)		2,705,152
	2,609,235	Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(g)		1,809,221
	2,943,631	Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(g)		1,971,171
	4,524,001	Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP, 6.05%, 05/25/36		4,624,522

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	792,864	Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 1.98%, 09/25/46(e)	$	783,156
	820,419	Countrywide Asset-Backed Certificates, Series 2006-S4, Class A4, 5.93%, 07/25/34(g)		827,928
	1,481,492	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.21%, 12/15/33(a)(e)		1,410,967
	1,144,764	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR US + 0.240%), 2.15%, 02/15/30(a)(e)		1,046,317
	905,389	Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 2.10%, 05/15/35(a)(e)		822,213
	6,879,000	Finance of America Structured Securities Trust, Series 2019-HB1, Class M5, 6.00%, 04/25/29(a)(g)		6,616,780
	3,325,000	Finance of America Structured Securities Trust, Series 2018-HB1, Class M4, 5.23%, 09/25/28(a)(b)(g)		3,368,890
	4,000,000	Finance of America Structured Securities Trust, Series 2018-HB1, Class M5, 6.00%, 09/25/28(a)(b)(g)		3,973,600
	2,491,618	First Franklin Mortgage Loan Trust, Series 2003-FF4, Class-M1, (1 mo. LIBOR US + 1.800%), 3.83%, 10/25/33(e)		2,514,321
	9,928,838	First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A1, (1 mo. LIBOR US + 0.120%), 1.94%, 10/25/36(e)		8,001,038
	4,933,020	First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR US + 0.360%), 2.56%, 03/25/36(e)		4,025,703
	9,120,090	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR US + 0.250%), 2.07%, 07/25/36(e)		5,089,093
	4,309,724	First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.22%, 01/25/36(e)		2,770,402

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	4,670,344	First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR US + 0.150%), 1.97%, 03/25/37(e)	$	3,041,399
	1,500,000	Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. LIBOR US + 0.410%), 2.23%, 11/25/35(e)		1,424,039
	1,235,691	GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR US + 0.500%), 2.52%, 02/25/36(e)		1,225,942
	734,456	GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR US + 0.320%), 2.14%, 11/25/36(e)		719,696
	6,874,976	Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(g)		5,627,847
	2,463,906	GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.350%), 2.17%, 12/25/35(e)		1,046,529
	10,811,576	GSAA Home Equity Trust, Series 2006-4, Class 1A1, 4.04%, 03/25/36(g)		9,415,627
	10,902,298	GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. LIBOR US + 0.180%), 2.00%, 03/25/36(e)		5,319,828
	9,055,970	GSAA Home Equity Trust, Series 2007-9, Class A3A, 7.00%, 08/25/47		4,689,299
	512,177	GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(g)		326,977
	20,471,444	GSAMP Trust, Series 2006-FM3, Class A1, (1 mo. LIBOR US + 0.140%), 1.96%, 11/25/36(e)		12,602,792
	3,566,000	GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. LIBOR US + 2.250%), 4.07%, 02/25/47(e)		3,722,227
	4,375,000	Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 1.97%, 05/25/37(e)		3,665,109
	5,497,474	HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.88%, 12/25/36		3,037,867
	1,050,000	Invitation Homes Trust, Series 2017-SFR2, Class D, (1 mo. LIBOR US + 1.800%), 3.69%, 12/17/36(a)(e)		1,050,998

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	1,709,386	Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(a)	$	1,699,097
	4,000,000	JPMorgan Mortgage Acquisition Corp., Series 2006-CW1,Class M1, (1 mo. LIBOR US + 0.270%), 2.09%, 05/25/36(e)		3,701,129
	6,000,000	Legacy Mortgage Asset Trust, Series 2018-SL1, Class M, 4.50%, 02/25/58(a)(g)		6,046,501
	9,188,612	Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, STEP, 3.75%, 01/25/59(a)		9,268,133
	12,091,964	Legacy Mortgage Asset Trust, Series 2019-SL1, Class A, 4.00%, 12/28/54(g)		12,205,292
	10,098,946	Legacy Mortgage Asset Trust, Series 2019-SL2, Class A, 3.38%, 02/25/59(a)(b)(g)		10,151,460
	2,113,637	Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 0.00%, 02/25/59(a)(b)		371,789
	1,900,000	Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(a)(b)(g)		1,451,600
	4,186,295	Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(g)		4,507,819
	338,197	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 1.91%, 06/25/37(a)(e)		244,142
	10,249,141	Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4, (1 mo. LIBOR US + 0.300%), 2.12%, 06/25/37(a)(e)		7,629,283
	6,959,882	Lehman ABS Mortgage Loan Trust, Series 2007-1,Class 2A2, (1 mo. LIBOR US + 0.200%), 2.02%, 06/25/37(a)(e)		5,384,119
	1,147,769	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR US + 0.110%), 1.93%, 11/25/36(e)		487,548
	15,831,987	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.98%, 11/25/36(e)		7,476,012
	3,111,821	Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.04%, 11/25/36(e)		1,485,733

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	6,065,402	Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.98%, 10/25/36(e)	$	2,357,820
	4,171,522	Long Beach Mortgage Loan Trust, Series 2006-WL3, Class 2A4, (1 mo. LIBOR US + 0.300%), 2.12%, 01/25/36(e)		3,936,101
	3,513,413	Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 5.07%, 03/25/32(e)		3,568,029
	4,260,669	Mastr Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR US + 0.320%), 2.14%, 03/25/36(e)		683,054
	3,215,054	Merit Securities Corp., Series 13, Class M2, STEP, 7.33%, 12/28/33		2,797,215
	10,669,513	Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR US + 0.250%), 2.07%, 10/25/37(e)		4,331,884
	1,371,135	Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, (1 mo. LIBOR US + 0.240%), 2.06%, 06/25/36(e)		970,728
	7,365,088	Morgan Stanley ABS Capital I, Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 1.95%, 11/25/36(e)		4,466,549
	7,260,457	Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, (1 mo. LIBOR US + 0.140%), 1.96%, 05/25/37(e)		5,662,430
	5,965,525	Morgan Stanley Capital I, Series 2006-NC2, Class M1, (1 mo. LIBOR US + 0.360%), 2.18%, 02/25/36(e)		5,252,115
	4,997,513	Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36		2,074,590
	1,988,902	Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, STEP, (1 mo. LIBOR US + 0.300%), 2.12%, 03/25/36(e)		2,010,356
	3,200,000	Nationstar HECM Loan Trust, Series 2018-2A, Class M4, 5.06%, 07/25/28(a)(b)(g)		3,227,360
	8,000,000	Nationstar Home Equity Loan Trust, Series 2007-A, Class M3, (1 mo. LIBOR US + 0.300%), 2.12%, 03/25/37(e)		6,876,998

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	5,668,092	New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. LIBOR US + 0.450%), 2.27%, 12/25/35(e)	$	3,706,282
	2,315,170	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.22%, 10/25/36(a)(e)		2,167,896
	2,204,916	Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27		2,125,231
	10,308,972	Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(g)		4,348,464
	8,576,285	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(g)		2,002,514
	5,950,110	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(g)		1,551,248
	6,799,285	Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(g)		1,985,835
	788,744	Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(g)		612,718
	3,833,262	Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1, 7.76%, 03/15/32(g)		3,817,317
	1,063,396	Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(g)		1,139,253
	3,000,000	OneMain Financial Issuance Trust, Series 2015-1A, Class D, 6.63%, 03/18/26(a)		3,030,641
	4,000,000	OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(a)		4,173,440
	3,378,087	Option One Mortgage Loan Trust, Series 2007-FXD2, Class 1A1, STEP, 5.82%, 03/25/37		3,455,522
	2,955,985	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 5.25%, 07/25/35		2,555,921
	733,833	Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, STEP, 4.25%, 01/25/22(a)		735,276
	1,000,000	Progress Residential Trust, Series 2019-SFR3, Class F, 3.87%, 09/17/36(a)		1,003,723

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	3,000,000	Progress Residential Trust, Series 2019-SFR4, Class F, 3.68%, 11/17/36(a)	$	3,020,418
	4,000,000	Residential Asset Securities Corp, Series 2006-KS4, Class M2, (1 mo. LIBOR US + 0.290%), 2.11%, 06/25/36(e)		3,822,917
	3,825,000	Residential Asset Securities Corp., Class M4, (1 mo. LIBOR US + 0.580%), 2.40%, 11/25/35(e)		3,062,945
	2,174,491	SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR US + 0.260%), 2.08%, 07/25/36(e)		2,161,543
	4,521,533	Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR US + 0.320%), 2.14%, 09/25/36(e)		2,948,480
	8,456,391	Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 2.11%, 01/25/47(e)		6,693,180
	7,739,911	Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 2.01%, 11/25/36(e)		4,533,429
	6,794,412	Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A2B, (1 mo. LIBOR US + 0.120%), 1.94%, 11/25/36(e)		2,580,942
	3,131,869	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR US + 0.270%), 2.09%, 02/25/37(e)		2,276,008
	11,618,822	Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. LIBOR US + 0.250%), 2.07%, 07/25/36(e)		7,076,158
	4,147,765	Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR US + 0.450%), 2.27%, 11/25/35(e)		2,549,342
	4,466,138	Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR US + 0.500%), 2.32%, 07/25/35(e)		2,810,851
	1,890,518	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR US + 0.440%), 2.26%, 02/25/37(e)		1,254,032

Principal Amount			Value
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$	10,000,000	Towd Point Mortgage Trust, Series 2019-SJ2, Class A2, 4.25%, 11/25/58(a)(g)	$	10,309,315
	10,000,000	Towd Point Mortgage Trust, Series 2019-SJ2, Class M1, 4.50%, 11/25/58(a)(g)		10,301,644
	1,837,000	Tricon American Homes Trust, Series 2019-SFR1, Class F, 3.75%, 03/17/38(a)		1,852,020
	9,136,367	Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1, STEP, 3.97%, 02/25/49(a)		9,164,561
	14,601,269	Vericrest Opportunity Loan Trust, Series 2019-NPL3, Class A1, STEP, 3.97%, 03/25/49(a)		14,760,322
	9,913,075	Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.22%, 06/25/37(a)(e)		4,139,840
				566,600,827
				577,791,730
Total Asset-Backed Securities (Cost $768,918,641)				714,680,263
NON-AGENCY MORTGAGE-BACKED SECURITIES — 11.7%
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.2%
	796,315	Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 4.36%, 07/25/35(g)		765,988
	2,206,633	Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 5.12%, 03/25/37(g)		1,914,871
	2,056,125	Ajax Mortgage Loan Trust, Series 2018-B, Class A, 3.75%, 02/26/57(a)(b)		2,056,125
	1,105,185	Ajax Mortgage Loan Trust, Series 2018-B, Class B, 0.00%, 02/26/57(a)(b)		309,452
	37,630,700	Ajax Mortgage Loan Trust, Series 2019-E, Class A, STEP, 3.00%, 10/30/59(a)		37,336,277
	3,512,199	Ajax Mortgage Loan Trust, Series 2019-E, Class B, STEP, 4.88%, 10/30/59(a)		3,491,197
	9,031,368	Ajax Mortgage Loan Trust, Series 2019-E, Class C, 0.00%, 10/30/59(a)(b)		4,095,725
	2,031,339	American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.35%, 09/25/46(e)		1,945,259

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,785,535	American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37	$	1,627,804
	9,897,879	Angel Oak Mortgage Trust I LLC, Series 2019-2, Class-A1, 3.63%, 03/25/49(a)(g)		10,005,533
	12,281,912	APS Resecuritization Trust, Series 2016-1, Class 1MZ, 4.06%, 07/31/57(a)(g)		4,616,771
	2,134,674	Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR US + 0.400%), 2.22%, 01/25/37(e)		1,719,641
	300,270	Banc of America Funding Corp., Series 2005-F, Class 6A1, 3.92%, 09/20/35(g)		300,450
	695,351	Banc of America Funding Corp., Series 2006-A, Class 3A2, 4.27%, 02/20/36(g)		677,172
	659,435	Banc of America Funding Corp., Series 2006-E, Class 2A1, 4.67%, 06/20/36(g)		660,521
	1,963,375	Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37		1,959,815
	3,244,950	Banc of America Funding Corp., Series 2015-R3, Class 1A2, 2.50%, 03/27/36(a)(g)		2,687,040
	652,631	Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.98%, 10/25/35(g)		659,240
	3,962,283	BCAP LLC, Series 2012-RR3, Class 1A5, 6.57%, 12/26/37(a)(g)		3,536,691
	1,577,224	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 4.08%, 02/25/36(g)		1,557,247
	348,332	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 4.09%, 08/25/35(g)		323,782
	485,065	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.33%, 05/25/47(g)		459,623
	1,880,670	Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR US + 0.440%), 2.26%, 04/25/36(e)		2,227,252
	4,018,630	Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR US + 0.320%), 2.14%, 11/25/36(e)		4,358,930
	2,054,195	Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.10%, 08/25/36(e)		2,050,076

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,449,020	Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 2.12%, 11/25/36(e)	$	1,402,034
	2,347,016	CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 5.76%, 07/25/39(a)		1,918,501
	4,859,628	Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37		3,499,066
	2,005,284	Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/25/45(a)(g)		2,021,123
	2,430,938	CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR US + 1.400%), 3.22%, 08/25/35(e)		2,062,748
	3,453,633	CHL Mortgage Pass-Through Trust, Series 2007-HYB1, Class 3A1, 3.81%, 03/25/37(g)		3,216,660
	7,729,295	CIM Trust, Series 2019-INV1, Class A1, 4.00%, 02/25/49(a)(g)		7,897,981
	3,337,868	Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37		2,973,598
	3,913,060	Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38		3,411,114
	296,576	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 4.75%, 05/25/35(g)		303,119
	261,636	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 4.53%, 06/25/36(g)		255,194
	4,115,949	Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(a)		3,252,730
	539,691	Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35		517,033
	1,095,361	Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.12%, 08/25/35(e)		1,079,931
	7,667,455	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US + 5.500%), 3.68%, 11/25/35(e)		1,514,624
	708,080	Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 4.04%, 12/25/35(g)		674,672
	111,664	Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 3.39%, 12/25/35(e)		109,140

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	8,797,844	Countrywide Alternative Loan Trust, Series 2005-76, Class 1A2, (12 mo. Federal Reserve Cumulative Average US + 2.000%), 4.39%, 01/25/36(e)	$	7,135,680
	1,701,632	Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 2.27%, 05/25/35(e)		1,550,148
	970,710	Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35		827,201
	3,583,133	Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 2.17%, 05/25/36(e)		2,100,629
	2,172,341	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36		1,615,043
	4,214,209	Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36		3,120,911
	1,455,490	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 2.17%, 08/25/36(e)		889,590
	1,455,490	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US + 7.150%), 5.33%, 08/25/36(e)		396,367
	1,500,406	Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36		1,227,911
	1,498,942	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 2.22%, 03/25/36(e)		756,298
	4,210,407	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36		3,036,024
	1,629,482	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37		1,341,928
	1,179,888	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37		1,017,888
	1,495,469	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37		1,223,913
	3,419,508	Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37		2,798,574
	207,561	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36		195,054

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	588,869	Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 2.22%, 05/25/36(e)	$	494,503
	3,774,842	Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		2,504,726
	3,110,408	Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.66%, 11/20/46(e)		2,214,899
	6,373,646	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 4.12%, 11/25/46(e)		5,677,682
	3,231,569	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 2.01%, 11/25/46(e)		2,929,008
	4,254,194	Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, (12 mo. Federal Reserve Cumulative Average US + 0.850%), 3.24%, 11/25/46(e)		3,902,308
	4,660,838	Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.04%, 03/20/47(e)		4,025,080
	1,044,905	Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.03%, 05/25/36(e)		941,375
	5,621,995	Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.210%), 2.03%, 07/25/46(e)		5,217,835
	9,463,005	Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.01%, 07/25/46(e)		9,272,969
	4,800,404	Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, (1 mo. LIBOR US + 0.230%), 2.05%, 03/25/36(e)		4,063,998
	3,987,428	Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.180%), 2.00%, 04/25/46(e)		3,426,122
	2,406,568	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37		1,713,474
	2,424,001	Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37		1,776,348

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,251,769	Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37	$	1,001,226
	4,974,310	Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37		3,286,794
	4,638,596	Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37		3,342,227
	1,135,128	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37		788,524
	643,364	Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.25%, 11/25/36		691,798
	11,153,373	Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 3.23%, 03/25/47(e)		9,628,428
	580,783	Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 2.00%, 04/25/47(e)		198,837
	2,267,371	Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.06%, 08/25/47(e)		1,868,047
	1,933,175	Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37		1,495,132
	1,573,221	Countrywide Alternative Resecuritization, Series 2006-22R, Class 2A1, 6.25%, 05/25/36		1,178,329
	1,844,422	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.78%, 01/25/36(g)		1,764,152
	513,269	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35		502,974
	137,896	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 3.74%, 03/20/36(g)		142,156
	11,724,333	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.35%, 04/25/46(e)		5,627,995

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,438,467	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.02%, 04/25/46(e)	$	3,293,257
	919,398	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR US + 0.420%), 2.24%, 07/25/36(a)(e)		878,396
	2,269,282	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38		1,820,392
	10,582,667	Credit Suisse Mortgage Capital Certificates, Series 19-RPL4, Class A1, 3.83%, 08/26/58(a)		10,734,242
	28,218	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21		26,826
	2,754,198	Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36		2,445,060
	7,025,598	Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(a)		3,976,656
	25,992,399	Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class A1, 4.10%, 09/27/66(a)(g)		26,083,188
	10,282,659	Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class B3, 20.50%, 09/27/66(a)(b)		8,679,818
	4,294,160	Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class PT2, 0.00%, 03/25/59(a)(b)		1,927,004
	10,586,487	Credit Suisse Mortgage Trust Mortgage-Backed Trust, 0.00%, 02/01/47(a)(b)		10,401,223
	2,986,951	Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(g)		1,308,969
	4,108,760	Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 5.19%, 04/27/37(a)(g)		3,614,507
	7,000,000	Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 2.17%, 10/27/36(a)(e)		5,081,775
	544,356	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.38%, 03/27/36(a)(e)		541,422

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	12,047,482	Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.38%, 03/27/36(a)(e)	$	9,371,706
	6,622,819	Credit Suisse Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.17%, 11/25/35(e)		1,990,873
	650,736	GMACM Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 4.07%, 11/19/35(g)		634,765
	4,550,276	GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 2.17%, 01/25/35(a)(e)		4,197,813
	1,669,214	GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 2.17%, 01/25/36(a)(e)		1,447,295
	443,323	GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.42%, 01/25/35(g)		457,206
	98,246	GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36		225,949
	4,103,710	GSR Mortgage Loan Trust, Series 2006-5F, Class 2A5, 6.00%, 06/25/36		4,496,954
	170,188	GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21		171,794
	642,179	GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 4.47%, 01/25/36(g)		643,071
	69,399,904	GSR Mortgage Loan Trust, Series 2006-OA1, Class 1A1, (1 mo. LIBOR US + 0.220%), 2.04%, 08/25/46(e)		27,335,317
	4,686,082	GSR Mortgage Loan Trust, Series 2007-1F, Class 2A4, 5.50%, 01/25/37		5,203,200
	843,697	GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37		742,640
	2,862,859	HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.10%, 07/19/47(e)		2,641,448
	5,000,000	Headlands Residential LLC, Series 2019-RPL1, Class NOTE, STEP, 3.97%, 06/25/24(a)		5,035,604
	772,916	Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 4.04%, 04/25/37(g)		698,793

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	30,791,348	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.50%, 07/25/47(g)	$	1,299,731
	4,093,900	IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 4.35%, 01/25/37(g)		3,937,587
	2,983,675	IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR US + 0.270%), 2.09%, 06/25/37(e)		2,919,414
	7,378,643	JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37		4,285,585
	682,619	JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, (1 mo. LIBOR US + 0.150%), 1.97%, 03/25/37(e)		1,114,005
	2,118,549	JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.54%, 10/25/37(g)		1,614,165
	128,049	JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37		120,313
	3,445,960	Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 2.97%, 12/25/37(e)		3,411,063
	10,434,764	LSTAR Securities Investment Trust, Series 2019-1, Class A1, (1 mo. LIBOR US + 1.700%), 3.73%, 03/01/24(a)(e)		10,401,284
	5,941,515	MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37		3,493,516
	7,759,042	MASTR Asset Securitization Trust, Series 2007-2, Class A2, 6.25%, 01/25/38		6,443,734
	3,422,650	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(a)		3,477,619
	1,923,541	MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.45%, 08/25/37(a)(g)		1,293,410
	1,371,939	MCM Capital LLC Trust, Series 2018-NPL1, Class A, 4.00%, 05/28/58(a)		1,383,420
	2,524,935	MCM Capital LLC Trust, Series 2018-NPL1, Class B, 0.00%, 05/28/58(a)(b)		353,491
	12,673,033	MCM Capital LLC Trust, Series 2018-NPL2, Class B, 0.00%, 10/25/28(a)(b)		2,805,810
	15,172,222	MCM Trust, Series 2018-NPL2, Class A, STEP, 4.00%, 10/25/28(a)(b)		15,286,014

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,899,839	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.03%, 04/25/37(e)	$	3,435,017
	1,622,129	Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 4.48%, 05/25/36(g)		1,482,713
	715,353	Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36		600,100
	5,855,234	Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 3.44%, 05/26/37(a)		4,864,142
	1,643,308	Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 2.18%, 07/26/45(e)		1,568,663
	9,414,184	New Residential Mortgage Loan Trust, Series 2019-RPL1, Class A1, STEP, 4.33%, 02/26/24(a)		9,477,149
	4,555,064	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(a)		3,979,514
	2,001,957	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(a)		1,720,852
	871,744	Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36		833,499
	145,676	Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36		145,304
	3,380,157	Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 5.12%, 08/25/36(g)		2,740,523
	11,163,920	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(a)(f)		1,172,949
	19,129,285	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 0.91%, 07/25/56(a)(g)		2,369,222
	4,895,450	Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 3.77%, 11/25/57(a)(g)		2,030,993
	9,193,968	Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 2.82%, 08/25/57(a)(g)		3,047,922
	2,059,412	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 4.15%, 05/25/35(g)		1,829,748
	3,096,731	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.01%, 04/25/36(g)		2,517,156

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,251,922	Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.220%), 2.04%, 05/25/46(e)	$	2,349,120
	2,355,938	Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 2.00%, 09/25/47(e)		2,281,175
	3,770,257	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 2.17%, 06/25/35(a)(e)		3,369,843
	1,016,237	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 4.66%, 04/25/37(g)		849,061
	319,294	Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 4.86%, 04/25/37(g)		251,335
	879,363	Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 3.19%, 06/25/47(e)		785,507
	30,729,151	Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 8.81%, 02/25/38(a)(g)		11,135,504
	1,576,424	Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, (1 mo. LIBOR US + 0.320%), 0.61%, 04/26/37(a)(e)		1,553,126
	4,272,937	WaMu Mortgage Pass-Through Certificates, Series 2006-AR7, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.980%), 3.37%, 07/25/46(e)		4,188,689
	9,957,942	WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 2A, (Cost of Funds for the 11th District of San Franciso + 1.250%), 2.41%, 05/25/47(e)		9,487,562
	1,274,109	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35		1,229,889
	4,529,216	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36		1,881,500
	6,472,974	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36		5,773,402

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,222,101	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.60%, 07/25/37(g)	$	1,116,783
	2,961,474	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 3.16%, 05/25/47(e)		2,834,292
	1,743,608	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.35%, 08/25/46(e)		1,301,127
	10,528,973	Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US + 6.680%), 4.86%, 03/25/37(e)		1,369,347
	2,894,224	Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 4.72%, 03/25/38(g)		2,527,663
				544,209,570
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%
	7,167,412	Bayview Commercial Asset Trust 2006-1A, Class A1, (1 mo. LIBOR US + 0.270%), 2.09%, 04/25/36(a)(e)		6,883,976
	1,408,790	Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.470%), 2.29%, 01/25/36(a)(e)		1,342,196
	1,201,824	Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR US + 0.500%), 2.32%, 01/25/36(a)(e)		1,143,741
	1,871,818	Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR US + 0.870%), 2.69%, 07/25/36(a)(e)		1,828,413
	9,536,475	Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 2.27%, 09/25/37(a)(e)		9,075,070
	7,628,500	Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 1.500%), 3.32%, 10/25/37(a)(e)		5,247,200
	10,127,000	Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.32%, 12/25/37(a)(e)		9,671,777

Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$	5,000,000	BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. LIBOR US + 2.650%), 4.65%, 10/15/36(a)(e)	$	5,009,432
	4,302,000	Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.290%), 2.31%, 12/25/36(a)(e)		4,217,646
	7,000,000	Toorak Mortgage Corp., Series 2019-2, Class A1, STEP, 3.72%, 09/25/22		7,021,925
	2,399,123	Velocity Commercial Capital Loan Trust, Series 2014-1, Class M7, 8.85%, 09/01/44(g)		2,435,238
	3,881,000	Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 9.02%, 04/25/46(a)(g)		4,087,212
	3,055,000	Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/25/47(a)(g)		2,908,889
	3,792,732	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(a)(g)		3,901,640
	980,459	Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(a)(g)		1,012,395
	1,889,129	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(a)(g)		1,932,408
	2,784,134	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(a)(g)		2,848,674
	3,059,893	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(a)(g)		3,126,185
	1,590,845	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(a)(g)		1,626,377
	3,753,652	Velocity Commercial Capital Loan Trust, Series 2019-1, Class M6, 6.79%, 03/25/49(a)(g)		3,822,930
				79,143,324
Total Non-Agency Mortgage-Backed Securities (Cost $623,555,992)				623,352,894
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.4%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%
	6,138,160	Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1B1, 7.57%, 07/25/29(e)		7,201,412

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,750,000	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B1, 6.77%, 07/25/29(e)	$	5,373,712
	1,369,851	Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 11.82%, 07/25/29(e)		1,535,626
	3,000,000	Freddie Mac Structured Agency Credit Risk Program, Series 2018-DNA1, Class B1, 4.97%, 07/25/30(e)		3,037,728
	2,000,000	Freddie Mac Structured Agency Credit Risk Program, Series 2018-SPI2, Class M2, 3.82%, 05/25/48(a)(g)		1,948,354
Total U.S. Government Sponsored Agency Mortgage-Backed Securities
(Cost $17,181,182)				19,096,832
U.S. GOVERNMENT AGENCIES — 51.4%
Federal Home Loan Bank — 51.4%
	82,000,000	1.40%, 11/01/19(h)		82,000,000
	45,000,000	1.97%, 11/04/19(h)		44,993,700
	103,000,000	1.70%, 11/05/19(f)(h)		102,980,775
	212,075,000	2.00%, 11/06/19(f)(h)		212,025,517
	157,000,000	1.94%, 11/07/19(f)(h)		156,956,040
	180,000,000	1.99%, 11/08/19(f)(h)		179,941,199
	37,000,000	1.70%, 11/12/19(f)(h)		36,981,007
	215,000,000	1.96%, 11/13/19(f)(h)		214,879,600
	215,000,000	1.94%, 11/14/19(f)(h)		214,869,566
	216,475,000	1.74%, 11/15/19(f)(h)		216,333,570
	185,300,000	2.03%, 11/18/19(f)(h)		185,152,996
	62,000,000	1.96%, 11/19/19(f)(h)		61,947,920
	176,700,000	1.75%, 11/20/19(f)(h)		176,543,325
	167,100,000	1.94%, 11/21/19(f)(h)		166,944,041
	54,000,000	1.73%, 11/22/19(f)(h)		53,947,080
	68,000,000	1.92%, 11/25/19(f)(h)		67,923,840
	149,000,000	1.93%, 12/03/19(f)(h)		148,778,818
	55,000,000	1.70%, 12/04/19(f)(h)		54,915,804
	172,800,000	1.72%, 12/06/19(f)(h)		172,519,440
	54,000,000	1.56%, 12/09/19(f)(h)		53,904,810
	15,000,000	1.72%, 12/10/19(f)(h)		14,972,862
	50,000,000	1.62%, 12/17/19(f)(h)		49,893,306
	60,000,000	1.56%, 12/19/19(f)(h)		59,866,400
Total U.S. Government Agencies (Cost $2,729,174,439)				2,729,271,616
U.S. GOVERNMENT SECURITIES — 4.4%
U.S. Treasury Bills — 2.0%
	20,000,000	1.70%, 11/05/19(f)(h)		19,996,625

Principal Amount			Value
U.S. Treasury Bills (continued)
	10,000,000	2.47%, 11/07/19(f)(h)	$	9,997,346
	75,000,000	1.72%, 11/19/19(f)(h)		74,942,781
				104,936,752
U.S. Treasury Notes — 2.4%
	100,000,000	1.55%, 07/31/24(h)		101,013,459
	30,000,000	1.37%, 09/30/24(h)		29,958,984
				130,972,443
Total U.S. Government Securities (Cost $236,034,901)				235,909,195

Shares
CASH SWEEP — 3.4%
UNITED STATES — 3.4%
	179,898,565	Citibank - US Dollars on Deposit in Custody Account, 0.12%(i)		179,898,565
Total Cash Sweep (Cost $179,898,565)				179,898,565
TOTAL INVESTMENTS — 94.1% (Cost $5,052,218,373)			$	4,995,132,717
OTHER ASSETS IN EXCESS OF LIABILITIES — 5.9%				311,951,546
NET ASSETS — 100.0%			$	5,307,084,263

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $766,836,809, which is 14.45% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except those also included in footnote (b) below.
(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $150,063,582 which is 2.83% of net assets and the cost is $149,842,451.
(c)	Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(d)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2019.
(e)	Floating rate security. Rate shown is the rate in effect as of October 31, 2019.
(f)	Zero coupon bond. The rate represents the yield at time of purchase.
(g)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2019.

The following table represents the individual long positions and related values of Indices underlying the Commodity Basket Swaps with Macquarie Bank Limited, as of period end:

Forward foreign currency exchange contracts outstanding at October 31, 2019:

NASDAQ — National Association of Securities Dealrs Automated Quotations Exchange

Principal Amount			Value
CORPORATE BONDS — 16.1%
Banks — 4.1%
$	1,750,000	Banco Santander Chile, 2.50%, 12/15/20(a)	$	1,747,813
	2,800,000	Banco Santander SA, 3.85%, 04/12/23		2,926,416
	6,000,000	Bank of America Corp., 0.810%), 3.37%, 01/23/26(b)		6,276,362
	2,000,000	Bank of Montreal, 3.10%, 04/13/21		2,035,892
	5,000,000	BNP Paribas SA, 2.95%, 05/23/22(a)		5,096,624
	5,785,000	Citigroup, Inc., 1.390%), 3.67%, 07/24/28(b)		6,121,006
	2,625,000	JPMorgan Chase & Co., (3 mo. LIBOR US + 0.610%), 3.51%, 06/18/22(b)		2,684,031
	3,030,000	JPMorgan Chase & Co., 3.20%, 06/15/26		3,170,674
	5,885,000	JPMorgan Chase & Co., 1.260%), 4.20%, 07/23/29(b)		6,543,191
	2,980,000	KeyCorp. MTN, 2.90%, 09/15/20		3,004,614
	5,000,000	Mizuho Financial Group, Inc., (3 mo. LIBOR US + 1.000%), 3.92%, 09/11/24(b)		5,242,677
	4,400,000	Morgan Stanley, 3.88%, 04/29/24		4,690,166
	3,500,000	PNC Bank NA, 2.70%, 10/22/29		3,512,615
	4,500,000	Royal Bank of Canada, 3.35%, 10/22/21(a)		4,630,846
	2,200,000	Sumitomo Mitsui Banking Corp., 2.45%, 01/16/20		2,202,551
	2,000,000	Svenska Handelsbanken AB, 1.88%, 09/07/21		1,998,183
				61,883,661
Communication Services — 1.7%
	3,200,000	Alibaba Group Holding Ltd., 2.50%, 11/28/19		3,200,970
	2,160,000	Amazon.com, Inc., 2.60%, 12/05/19		2,160,031
	5,720,000	Comcast Corp., 4.15%, 10/15/28		6,461,202
	6,000,000	Omnicom Group, Inc., 3.65%, 11/01/24		6,339,147
	5,930,000	Verizon Communications, Inc., 4.13%, 03/16/27		6,612,888
				24,774,238
Consumer Discretionary — 0.8%
	2,460,000	Carnival Corp., 3.95%, 10/15/20		2,505,687

Principal Amount			Value
Consumer Discretionary (continued)
$	5,000,000	Lowe’s Cos, Inc., 2.50%, 04/15/26	$	5,019,157
	3,890,000	Walmart, Inc., 3.40%, 06/26/23		4,110,132
				11,634,976
Consumer Staples — 1.9%
	5,000,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 02/01/26		5,354,147
	5,870,000	Costco Wholesale Corp., 2.15%, 05/18/21		5,904,390
	5,000,000	Diageo Capital PLC, 2.63%, 04/29/23		5,099,558
	4,000,000	Marriott International, Inc./MD, 3.60%, 04/15/24		4,222,759
	2,000,000	McDonald’s Corp. MTN, 2.63%, 09/01/29		2,014,375
	6,000,000	Tyson Foods, Inc., 2.25%, 08/23/21		6,029,526
				28,624,755
Diversified Financials — 1.7%
	3,950,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 05/15/21		4,085,978
	1,760,000	American Express Co., 3.70%, 08/03/23		1,860,716
	5,555,000	General Motors Financial Co., Inc., 3.55%, 07/08/22		5,697,370
	3,070,000	Goldman Sachs Group, Inc. (The), 0.780%), 2.71%, 10/31/22(c)		3,084,797
	3,065,000	Goldman Sachs Group, Inc. (The), 1.000%), 2.94%, 07/24/23(c)		3,085,661
	5,000,000	Magna International, Inc., 3.63%, 06/15/24		5,256,805
	2,470,000	National Rural Utilities Cooperative Finance Corp. MTN, 2.90%, 03/15/21		2,503,415
				25,574,742
Energy — 1.0%
	2,840,000	Energy Transfer Operating LP, 5.88%, 01/15/24		3,153,253
	3,380,000	Occidental Petroleum Corp., 2.70%, 08/15/22		3,415,593
	3,000,000	ONEOK, Inc., 2.75%, 09/01/24		3,034,367

Principal Amount			Value
Energy (continued)
$	5,170,000	Sabine Pass Liquefaction LLC, 5.88%, 06/30/26	$	5,936,461
				15,539,674
Health Care — 1.4%
	5,010,000	AbbVie, Inc., 2.50%, 05/14/20		5,023,906
	3,000,000	Anthem, Inc., 2.38%, 01/15/25		2,998,167
	3,000,000	Bristol-Myers Squibb Co., 2.90%, 07/26/24(a)		3,108,939
	5,000,000	Celgene Corp., 2.88%, 08/15/20		5,031,987
	5,000,000	Kaiser Foundation Hospitals, 3.15%, 05/01/27		5,291,059
				21,454,058
Industrials — 0.8%
	6,185,000	Northrop Grumman Corp., 2.55%, 10/15/22		6,283,318
	2,522,000	Precision Castparts Corp., 3.25%, 06/15/25		2,669,608
	3,725,000	Roper Technologies, Inc., 2.80%, 12/15/21		3,783,627
				12,736,553
Information Technology — 1.2%
	4,000,000	CA, Inc., 5.38%, 12/01/19		4,009,406
	3,090,000	Hewlett Packard Enterprise Co., 2.25%, 04/01/23		3,087,674
	5,000,000	International Business Machines Corp., 3.00%, 05/15/24		5,192,627
	5,000,000	Oracle Corp., 2.50%, 05/15/22		5,077,622
				17,367,329
Insurance — 0.4%
	1,000,000	Lincoln National Corp., 3.05%, 01/15/30		1,010,157
	5,000,000	Metropolitan Life Global Funding I, 2.40%, 01/08/21(a)		5,030,987
				6,041,144
Materials — 0.4%
	5,000,000	DuPont de Nemours, Inc., 4.21%, 11/15/23		5,357,108
Utilities — 0.7%
	2,390,000	Berkshire Hathaway Energy Co., 2.38%, 01/15/21		2,405,720

Principal Amount			Value
Utilities (continued)
$	1,500,000	Duke Energy Corp., 3.55%, 09/15/21	$	1,538,459
	1,000,000	Southern California Edison Co., 2.85%, 08/01/29		1,001,941
	5,000,000	Xcel Energy, Inc., 3.30%, 06/01/25		5,243,100
				10,189,220
Total Corporate Bonds (Cost $234,163,283)				241,177,458
ASSET-BACKED SECURITIES — 4.1%
CANADA — 1.1%
Other Asset-Backed Securities — 1.1%
	3,774,999	Canadian Pacer Auto Receivables Trust, Series 2018-1A, Class A3, 3.00%, 11/19/21(a)		3,791,494
	2,278,219	Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.12%, 11/15/29(a)		2,278,251
	3,000,000	Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, 03/15/23(a)		3,040,615
	4,750,000	Golden Credit Card Trust, Series 2017-2A, Class A, 1.98%, 04/15/22(a)		4,749,739
	3,000,000	Master Credit Card Trust II, Series 2017-1A, Class A, 2.26%, 07/21/21(a)		3,000,952
				16,861,051
CAYMAN ISLANDS — 1.5%
Collateralized Loan Obligations — 1.5%
	3,000,000	Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.470%), 3.41%, 04/24/29(a)(c)		3,014,068
	5,000,000	Black Diamond CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.450%), 3.45%, 02/06/26(a)(c)		4,997,640
	2,499,799	Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 3.15%, 10/17/26(a)(c)		2,500,158
	4,000,000	Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 3.27%, 04/20/30(a)(c)		4,003,327
	5,000,000	THL Credit Wind River CLO Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.230%), 3.20%, 07/20/30(a)(c)		4,976,701

Principal Amount			Value
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$	3,000,000	Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.950%), 2.95%, 07/16/27(a)(c)	$	2,989,426
				22,481,320
UNITED STATES — 1.5%
Other Asset-Backed Securities — 1.5%
	949,746	Ally Auto Receivables Trust, Series 2017-2, Class A3, 1.78%, 08/16/21		949,116
	722,652	CarMax Auto Owner Trust, Series 2017-2, Class A3, 1.93%, 03/15/22		722,586
	150,081	Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13%, 07/20/22(a)		150,097
	1,500,000	Enterprise Fleet Financing LLC, Series 2017-2, Class A3, 2.22%, 01/20/23(a)		1,503,407
	1,250,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.32%, 07/18/22		1,253,791
	2,000,000	GM Financial Consumer Automobile, Series 2017-1A, Class A4, 2.06%, 05/16/23(a)		2,001,834
	3,000,000	Sofi Professional Loan Program, Series 2018-B, Class A2FX, 3.34%, 08/25/47(a)		3,094,372
	2,000,000	Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4, 2.10%, 09/15/22		2,002,231
	1,009,793	Verizon Owner Trust, Series 2017-1A, Class A, 2.06%, 09/20/21(a)		1,009,781
	1,750,000	Verizon Owner Trust, Series 2017-3A, Class A1A, 2.06%, 04/20/22(a)		1,750,527
	1,000,000	Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A3, 3.02%, 11/21/22		1,014,180
	711,970	Wheels SPV 2 LLC, Series 2018-1A, Class A2, 3.06%, 04/20/27(a)		716,289
	3,100,000	World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 04/17/23		3,116,175
	2,150,000	World Omni Auto Receivables Trust, Series 2019-A, Class A3, 3.04%, 05/15/24		2,195,036
				21,479,422
Total Asset-Backed Securities (Cost $60,601,076)				60,821,793

Principal Amount			Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
$	971,047	JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A 3.00%, 01/27/38(a)	$	992,772
Total Collateralized Mortgage Obligations (Cost $988,357)				992,772
U.S. GOVERNMENT AGENCIES — 0.1%
Overseas Private Investment Corp. — 0.1%
	1,682,649	5.14%, 12/15/23		1,804,373
Small Business Administration — 0.0%
	368,363	4.08%, 03/10/21		377,171
Total U.S. Government Agencies (Cost $2,051,019)				2,181,544
U.S. GOVERNMENT SECURITIES — 78.6%
U.S. Treasury Bonds — 1.2%
	13,726,000	3.50%, 02/15/39		17,036,325
U.S. Treasury Notes — 77.4%
	46,736,000	2.38%, 04/30/20		46,909,434
	9,664,000	1.50%, 06/15/20		9,659,093
	6,472,000	1.38%, 09/15/20		6,460,118
	14,977,000	1.88%, 12/15/20		15,020,293
	36,592,000	2.63%, 05/15/21		37,163,750
	91,376,000	1.88%, 11/30/21		92,014,918
	92,266,000	1.88%, 01/31/22		92,929,162
	900,000	1.88%, 05/31/22		908,086
	48,000,000	1.75%, 06/15/22		48,292,500
	163,813,000	1.75%, 01/31/23		164,964,810
	80,663,000	1.25%, 07/31/23		79,878,426
	34,679,807	0.63%, 01/15/24(d)		35,267,475
	126,615,000	2.38%, 08/15/24		131,461,980
	21,218,000	2.25%, 11/15/24		21,934,936
	82,198,000	2.25%, 11/15/25		85,315,745
	81,229,000	1.63%, 02/15/26		81,368,612
	132,268,000	2.00%, 11/15/26		135,755,535
	67,334,000	2.25%, 11/15/27		70,456,088
				1,155,760,961
Total U.S. Government Securities (Cost $1,141,774,601)				1,172,797,286
GOVERNMENT BONDS — 0.2%
JAPAN — 0.2%
	3,000,000	Japan Bank For International Cooperation, 2.25%, 02/24/20		3,001,629
Total Government Bonds (Cost $2,999,119)				3,001,629

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(b)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2019.
(c)	Floating rate security. Rate shown is the rate in effect as of October 31, 2019.
(d)	Inflation protected security. Principal amount reflects original security face amount.
(e)	The rate shown represents the current yield as of October 31, 2019.

The following abbreviations are used in the report:

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

Principal Amount			Value
MUNICIPAL BONDS — 96.6%
Alabama — 1.0%
$	2,000,000	Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A 5.00%, 09/01/22	$	2,214,100
	1,750,000	Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds 5.00%, 09/01/21		1,872,290
	5,000,000	Alabama Federal Aid Highway Finance Authority Revenue Bonds 5.00%, 09/01/20		5,153,350
	1,500,000	Alabama Public School & College Authority Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/24		1,745,490
	3,030,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/22		3,350,786
	3,660,000	City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/26		4,297,975
	1,500,000	City of Huntsville Warrants Refunding GO, Series A 5.00%, 08/01/26		1,757,535
	7,000,000	State of Alabama Economic Improvements GO, Series A 5.00%, 11/01/31		8,939,140
	3,095,000	State of Alabama Economic Improvements GO, Series A 5.00%, 11/01/33		3,927,400
	425,000	UAB Medicine Finance Authority Group S Revenue Bonds 5.00%, 09/01/27		532,507
	600,000	UAB Medicine Finance Authority Group S Revenue Bonds 5.00%, 09/01/30		771,035
	550,000	UAB Medicine Finance Authority Group S Revenue Bonds 5.00%, 09/01/31		704,248
				35,265,856
Arizona — 0.9%
	875,000	Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds 5.00%, 07/01/25		1,024,091

Principal Amount			Value
Arizona (continued)
$	2,390,000	Arizona School Facilities Board Advance Refunding COP, Series A 5.00%, 09/01/23	$	2,726,034
	150,000	Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/22		164,321
	1,715,000	Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/24		1,994,699
	2,750,000	Arizona State Board of Transportation Refunding Revenue Bonds 5.00%, 07/01/22		3,028,355
	1,000,000	Arizona Transportation Board Highway Improvements Revenue Bonds, Series A 5.00%, 07/01/31		1,292,110
	1,250,000	Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/26		1,468,550
	5,000,000	City of Phoenix Advance Refunding GO 5.00%, 07/01/25		6,028,600
	2,875,000	Phoenix Civic Improvement Corp. Refunding Revenue Bonds 5.00%, 07/01/20		2,947,536
	5,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/21		5,223,150
	5,000,000	Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/22		5,412,400
				31,309,846
Arkansas — 0.2%
	7,250,000	State of Arkansas Public Improvements GO 5.00%, 10/01/26		8,540,283
California — 3.0%
	5,000,000	California Infrastructure & Economic Development Bank Refunding Revenue Bonds 1.71%, 04/01/38(a)		5,003,550

Principal Amount			Value
California (continued)
$	500,000	California Municipal Finance Authority California Armenian Home Project Nursing Homes Revenue Bonds 5.00%, 05/15/36	$	613,545
	200,000	California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation) 5.00%, 05/15/25		242,077
	325,000	California Statewide Communities Development Authority Green Bond Marin General Hospital Revenue Bonds 5.00%, 08/01/32		402,542
	1,500,000	County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A 5.00%, 10/01/23		1,726,470
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/22		5,417,400
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 07/01/24		5,906,200
	1,000,000	Rio Hondo Community College District Current Refunding GO, Series B 5.00%, 08/01/30		1,364,750
	3,500,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series B 5.00%, 08/15/49(a)		4,198,285
	800,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/24		954,272
	1,000,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO 5.00%, 08/01/24		1,184,800
	750,000	State of California Current Refunding GO 5.00%, 04/01/24		874,463
	3,250,000	State of California Current Refunding GO 5.00%, 08/01/26		4,026,490
	2,000,000	State of California Current Refunding GO 5.00%, 04/01/27		2,509,760

Principal Amount			Value
California (continued)
$	14,500,000	State of California Current Refunding GO 5.00%, 04/01/30	$	19,180,890
	1,620,000	State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/22		1,816,587
	2,865,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/21		3,101,678
	7,000,000	State of California Public Improvements GO 5.00%, 09/01/22		7,763,770
	3,000,000	State of California Public Improvements GO 5.00%, 03/01/26		3,585,270
	5,715,000	State of California Public Improvements GO 5.00%, 10/01/27		6,980,072
	4,855,000	State of California Refunding GO 5.00%, 12/01/24		5,605,243
	8,000,000	State of California Refunding GO 5.00%, 10/01/25		9,455,520
	7,430,000	State of California School Improvements GO 5.00%, 11/01/28		9,410,912
	6,000,000	State of California Water Utility Improvement Refunding GO 5.00%, 04/01/30		7,782,780
				109,107,326
Colorado — 0.7%
	500,000	Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding) 5.00%, 12/01/19		501,439
	800,000	City & County of Broomfield Advance Refunding COP 5.00%, 12/01/21		862,623
	1,525,000	City of Thornton Co. School Improvement COP 5.00%, 12/01/29		1,952,046
	500,000	Colorado Health Facilities Authority Current Refunding Revenue Bonds, Series A 4.00%, 01/01/36		574,525
	500,000	Colorado Health Facilities Authority Current Refunding Revenue Bonds, Series A 4.00%, 01/01/37		571,175

Principal Amount			Value
Colorado (continued)
$	300,000	Colorado Health Facilities Authority Current Refunding Revenue Bonds, Series A 4.00%, 01/01/38	$	341,537
	2,060,000	Colorado Higher Education Refunding COP, Series A 5.00%, 11/01/24		2,429,770
	2,000,000	Denver City & County School District No 1 Refunding GO (State Aid Intercept Program) 5.00%, 12/01/24		2,372,100
	100,000	Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding) 5.00%, 12/01/23		115,151
	150,000	EI Paso Country School District No 20 Academy School Improvements GO (State Aid Withholding) 5.00%, 12/15/25		182,873
	1,180,000	Jefferson County School District GO, Series R-1, (State Aid Withholding) 5.00%, 12/15/22		1,318,379
	10,000,000	University of Colorado Hospital Authority Revenue Current Refunding Revenue Bonds, Series C 5.00%, 11/15/47(a)		11,587,500
	1,630,000	Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 05/15/26		1,993,474
				24,802,592
Connecticut — 3.0%
	9,000,000	Connecticut State Health & Educational Facilities Authority Refunding Revenue Bonds, Series A 1.45%, 07/01/42(a)(b)		9,036,540
	10,000,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series A-4 2.00%, 07/01/49(a)		10,167,200
	8,880,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1 5.00%, 07/01/40(a)		11,326,529

Principal Amount			Value
Connecticut (continued)
$	12,885,000	Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S 5.00%, 07/01/27	$	16,344,623
	1,000,000	Hartford County Metropolitan District Refunding Notes GO 5.00%, 03/01/25		1,153,380
	325,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/23		373,292
	5,860,000	Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/25		7,122,947
	2,350,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A 5.00%, 03/01/29		2,781,813
	1,380,000	State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A 5.00%, 05/01/31		1,706,729
	1,200,000	State of Connecticut Current Refunding GO, Series F 5.00%, 09/15/20		1,239,372
	1,000,000	State of Connecticut Refunding GO, Series B 5.00%, 04/15/21		1,054,500
	32,445,000	State of Connecticut Refunding GO, Series C 5.00%, 06/01/23		35,413,069
	3,100,000	State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A 5.00%, 08/01/22		3,405,598
	1,250,000	State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds 5.00%, 08/01/22		1,373,225
	1,900,000	State of Connecticut Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/24		2,220,739
	5,000,000	State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 09/01/27		5,795,350

Principal Amount			Value
Connecticut (continued)
$	825,000	Town of New Canaan CT Refunding GO, Series C 5.00%, 04/01/25	$	992,120
				111,507,026
Delaware — 1.8%
	5,010,000	State of Delaware Advance Refunding GO, Series A 5.00%, 01/01/28		6,426,127
	720,000	State of Delaware Current Refunding GO, Series A 5.00%, 10/01/26		898,150
	7,705,000	State of Delaware Current Refunding GO, Series A 5.00%, 10/01/27		9,828,421
	10,800,000	State of Delaware Public Facilities GO 5.00%, 02/01/25		12,906,756
	9,650,000	State of Delaware Public Facilities GO 5.00%, 02/01/26		11,846,919
	15,000,000	State of Delaware Public Facilities GO 5.00%, 02/01/28		19,275,150
	2,885,000	State of Delaware Public Improvements GO 5.00%, 03/01/24		3,356,553
				64,538,076
District Of Columbia — 0.3%
	5,000,000	District of Columbia Public Improvement Revenue Bonds, Series C 5.00%, 12/01/19		5,014,400
	1,000,000	District of Columbia Public Improvements GO, Series A 5.00%, 06/01/25		1,203,540
	3,000,000	District of Columbia Public Improvements GO, Series A 5.00%, 10/15/27		3,814,470
	1,000,000	District of Columbia Refunding Revenue Bonds, Series A 5.00%, 12/01/20		1,041,230
				11,073,640
Florida — 2.8%
	4,790,000	County of Miami-Dade Public Improvements GO 5.00%, 07/01/24		5,603,342
	3,970,000	County of Palm Beach Advance Refunding Revenue Bonds 5.00%, 11/01/26		4,672,095
	1,000,000	County of Sarasota Refunding Revenue Bonds 5.00%, 10/01/24		1,179,320

Principal Amount			Value
Florida (continued)
$	4,620,000	Florida Department of Management Services Current Refunding Revenue Bonds, Series A 5.00%, 09/01/28	$	5,815,148
	1,000,000	Lee County School Board Refunding COP 5.00%, 08/01/25		1,167,600
	4,000,000	Miami-Dade County Refunding GO, Series B 5.00%, 07/01/24		4,679,200
	2,000,000	Orlando Utilities Commission Refunding Revenue Bonds, Series A 5.00%, 10/01/20		2,069,540
	3,990,000	State of Florida Advance Refunding GO, Series B 5.00%, 06/01/27		4,900,598
	20,005,000	State of Florida Current Refunding GO 5.00%, 07/01/24		23,461,264
	3,475,000	State of Florida Current Refunding GO, Series A 5.00%, 06/01/24		4,065,368
	2,845,000	State of Florida Current Refunding GO, Series C 5.00%, 06/01/25		3,418,950
	10,865,000	State of Florida Current Refunding GO, Series C 5.00%, 06/01/28		13,941,207
	2,565,000	State of Florida Current Refunding GO, Series D 5.00%, 06/01/23		2,909,710
	1,750,000	State of Florida Current Refunding GO, Series F 5.00%, 06/01/28		2,142,788
	1,100,000	State of Florida Economic Defeasance GO, Series D 5.00%, 06/01/28		1,346,895
	9,800,000	State of Florida Refunding GO 5.00%, 07/01/24		10,789,310
	5,350,000	State of Florida Refunding GO, Series C 5.00%, 06/01/23		6,068,987
	3,895,000	State of Florida Refunding GO, Series C 5.00%, 06/01/24		4,418,449
				102,649,771
Georgia — 3.2%
	1,295,000	Americus-Sumter Payroll Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/32		1,601,371

Principal Amount			Value
Georgia (continued)
$	1,570,000	Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/27	$	1,950,945
	1,755,000	Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/28		2,166,214
	500,000	Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/26		607,555
	1,010,000	Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/33		1,244,835
	3,090,000	Bleckley County & Dodge County Joint Development Authority Current Refunding Revenue Bonds 5.00%, 07/01/32		3,787,877
	1,185,000	Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds 5.00%, 07/01/21		1,259,714
	1,950,000	Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds 5.00%, 07/01/23		2,210,442
	750,000	Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding) 5.00%, 02/01/23		840,929
	260,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/21		275,729
	2,710,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/23		3,055,715
	2,100,000	Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/24		2,433,312
	3,375,000	County of Cobb GA Water & Sewerage Current Refunding Revenue Bonds 5.00%, 07/01/27		4,278,353
	10,000,000	County of Forsyth Public Improvements GO 5.00%, 09/01/25		12,125,300

Principal Amount			Value
Georgia (continued)
$	2,000,000	Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B 5.00%, 06/01/21	$	2,119,500
	3,935,000	Lowndes County Board of Education School Improvements GO (State Aid Withholding) 5.00%, 02/01/22		4,268,176
	1,975,000	Lowndes County Board of Education School Improvements GO (State Aid Withholding) 5.00%, 02/01/23		2,214,054
	1,095,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/25		1,306,543
	1,555,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26		1,898,437
	1,100,000	South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26		1,342,154
	3,265,000	State of Georgia Advance Refunding GO, Series C-1 5.00%, 01/01/24		3,774,928
	11,295,000	State of Georgia Advance Refunding GO, Series E 5.00%, 12/01/26		14,136,257
	1,950,000	State of Georgia Public Improvements GO, Series A-2 5.00%, 02/01/25		2,257,827
	2,500,000	State of Georgia School Improvements GO, Series A (Tranche 1) 5.00%, 07/01/26		3,098,500
	16,260,000	State of Georgia School Improvements GO, Series A (Tranche 1) 5.00%, 07/01/27		20,612,152
	2,230,000	State of Georgia School Improvements GO, Series A-1 5.00%, 02/01/25		2,662,509
	18,020,000	State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/24		20,887,523
				118,416,851

Principal Amount			Value
Hawaii — 1.1%
$	10,000,000	City & County of Honolulu HI Refunding GO 5.00%, 09/01/25	$	12,094,000
	3,000,000	City & County of Honolulu Public Improvements Refunding GO, Series D 5.00%, 08/01/23		3,420,060
	1,000,000	State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A 5.00%, 07/01/21		1,059,470
	5,000,000	State of Hawaii Public Facilities GO, Series FT 5.00%, 01/01/30		6,287,050
	1,300,000	State of Hawaii Public Facilities GO, Series FW 5.00%, 01/01/30		1,672,710
	3,085,000	State of Hawaii Public Facilities GO, Series FW 5.00%, 01/01/32		3,930,907
	5,420,000	State of Hawaii Public Improvements GO, Series EH 5.00%, 08/01/33(c)		6,184,112
	2,515,000	State of Hawaii Public Improvements GO, Series FK 5.00%, 05/01/29		3,136,482
	1,570,000	University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/21		1,683,448
	1,180,000	University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/22		1,306,331
				40,774,570
Idaho — 0.1%
	900,000	Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY) 5.00%, 09/15/25		1,086,777
	1,500,000	Idaho Board Bank Authority Refunding Revenue Bonds, Series D 5.00%, 09/15/23		1,660,455
	740,000	Madison County School District No 321 Rexburg School Improvements GO, (School Board GTY), Series B 5.00%, 09/15/28		942,272
				3,689,504

Principal Amount			Value
Illinois — 0.8%
$	4,540,000	Du Page Cook & Will Counties Community College District No 502 Refunding GO 5.00%, 01/01/27	$	5,609,170
	5,950,000	Illinois Finance Authority College Improvement Revenue Bonds 1.03%, 12/01/46(a)		5,950,000
	5,000,000	Illinois Finance Authority General Revenue Bonds 5.00%, 01/01/27		6,189,000
	1,000,000	Illinois Finance Authority Memorial Health System Current Refunding Revenue Bonds 5.00%, 04/01/29		1,269,430
	1,220,000	Illinois State Toll Highway Authority Current Refunding Revenue Bonds, Series A 5.00%, 01/01/21		1,273,582
	3,250,000	Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A 5.00%, 12/01/24		3,807,473
	2,000,000	Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D 5.00%, 12/01/22		2,220,800
	1,400,000	Peoria Metropolitan Airport Authority Advance Refunding GO, Series D 5.00%, 12/01/26		1,700,398
	780,000	University of Illinois College Improvement Refunding Revenue Bonds, Series A 5.00%, 04/01/21		819,577
				28,839,430
Indiana — 0.1%
	500,000	Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program) 5.00%, 07/15/20		512,895
	235,000	Columbus Multi-High School Building Corp. Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22		258,331
	1,330,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 01/15/22		1,437,078

Principal Amount			Value
Indiana (continued)
$	250,000	GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22	$	274,539
	2,000,000	Indiana Finance Authority University Health Obligated Group Revenue Bonds 1.65%, 12/01/42(a)		2,011,400
				4,494,243
Iowa — 0.8%
	5,675,000	County of Polk Current Refunding GO, Series C 5.00%, 06/01/21		6,014,989
	4,000,000	County of Polk Current Refunding GO, Series C 5.00%, 06/01/26		4,930,760
	6,110,000	Iowa Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/01/21		6,515,460
	5,000,000	Iowa Finance Authority Unity Point Health Current Refunding Revenue 1.07%, 12/01/41(a)		5,000,000
	1,800,000	Iowa Finance Authority Water Utilities Improvements Revenue Bonds 5.00%, 08/01/20		1,850,994
	3,000,000	State of Iowa Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/28		3,656,520
				27,968,723
Kansas — 0.6%
	15,000,000	Johnson County Lease Purchase Revenue Bonds, Series A 5.00%, 09/01/26		18,630,750
	1,260,000	Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2 5.00%, 08/01/23		1,436,425
				20,067,175
Kentucky — 0.5%
	11,030,000	Kentucky Economic Development Finance Authority Owensboro Medical Health System Revenue Bonds, Series A 5.25%, 06/01/23		11,282,477

Principal Amount			Value
Kentucky (continued)
$	5,000,000	Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24	$	5,775,350
				17,057,827
Louisiana — 0.1%
	250,000	Consolidated Government of The City of Baton Rouge & Parish of East Baton Rouge Advance Refunding Revenue Bonds, Series A-1 5.00%, 08/01/26		308,638
	2,000,000	State of Louisiana Highway Improvement Revenue Bonds, Series A 5.00%, 09/01/30		2,537,140
				2,845,778
Maine — 0.0%
	165,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21		174,841
	5,000	Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21(c)		5,309
	600,000	Maine Municipal Bond Bank Miscellaneous Purpose Revenue Bonds, Series B 5.00%, 11/01/23		686,627
				866,777
Maryland — 8.3%
	5,735,000	County of Anne Arundel School Improvements GO 5.00%, 04/01/27		6,826,485
	2,410,000	County of Anne Arundel School Improvements GO 5.00%, 10/01/27		3,057,591
	2,810,000	County of Anne Arundel School Improvements GO 5.00%, 04/01/28		3,339,207
	4,080,000	County of Anne Arundel School Improvements GO 5.00%, 10/01/30		5,340,026
	3,575,000	County of Baltimore Refunding GO 5.00%, 03/01/27		4,480,619
	1,200,000	County of Baltimore Refunding GO, (Special Assessment) 5.00%, 02/01/29		1,453,140

Principal Amount			Value
Maryland (continued)
$	2,730,000	County of Baltimore Refunding Notes GO 5.00%, 03/01/23	$	3,072,069
	3,835,000	County of Baltimore Refunding Public Notes GO 5.00%, 03/01/23		4,315,526
	8,165,000	County of Baltimore Refunding Public Notes GO 5.00%, 03/01/24		9,473,360
	2,860,000	County of Charles Public School Improvements GO 5.00%, 10/01/21		3,069,466
	3,910,000	County of Frederick MD Public Improvements GO, Series A 5.00%, 08/01/27		4,946,072
	1,500,000	County of Frederick Refunding GO, Series A 5.00%, 02/01/25		1,787,550
	3,220,000	County of Howard MD Advance Refunding Public Improvements GO, Series B 5.00%, 02/15/29		4,000,625
	5,000,000	County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/22		5,489,450
	4,500,000	County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/23		5,104,755
	6,650,000	County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/22		7,382,099
	19,000,000	County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/26		23,601,610
	2,000,000	County of Montgomery Public Improvements GO, Series A 5.00%, 12/01/27		2,360,360
	1,200,000	County of Montgomery Refunding GO, Series A 5.00%, 11/01/23		1,379,316
	10,320,000	County of Montgomery Refunding Public Notes GO, Series A 5.00%, 11/01/27		13,125,492
	12,500,000	County of Prince George’s Advance Refunding Public Improvements GO, Series B 5.00%, 07/15/23		14,235,125
	3,185,000	County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/25		3,862,004
	3,180,000	County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/26		3,946,126

Principal Amount			Value
Maryland (continued)
$	3,110,000	County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/24	$	3,644,236
	9,355,000	County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/25		11,279,511
	7,935,000	Maryland Health & Higher Educational Facilities Authority Johns Hopkins University and College Improvements Revenue Bonds, Series A 1.07%, 07/01/36(a)		7,935,000
	1,000,000	Maryland State Department of Transportation Highway Improvement Revenue Bonds 5.00%, 10/01/20		1,034,960
	7,585,000	State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/24		8,909,720
	9,255,000	State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/25		11,184,668
	4,830,000	State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/26		5,976,932
	6,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 02/01/25		6,726,000
	10,000,000	State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 11/01/26		11,763,600
	2,750,000	State of Maryland Public Facilities GO, Series 1 5.00%, 03/15/32		3,539,003
	8,035,000	State of Maryland Public Improvements GO, Series A 5.00%, 08/01/24		9,170,988
	3,000,000	State of Maryland Public Improvements GO, Series A 5.00%, 03/15/25		3,587,520
	3,815,000	State of Maryland Public Improvements GO, Series A 5.00%, 03/15/27		4,785,612
	5,000,000	State of Maryland Public Improvements GO, Series A 5.00%, 03/15/28		6,250,300
	4,350,000	State of Maryland Refunding GO, Series 2-C 5.00%, 08/01/23		4,960,784

Principal Amount			Value
Maryland (continued)
$	6,700,000	State of Maryland School Improvements GO 5.00%, 06/01/23	$	7,600,413
	20,000,000	State of Maryland School Improvements GO, Series A 5.00%, 03/15/23		22,534,400
	19,000,000	State of Maryland School Improvements GO, Series A-1 5.00%, 08/01/28		24,552,180
	7,500,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO 5.00%, 06/01/22		8,234,175
	5,000,000	Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series 5.00%, 06/01/25		6,014,700
				305,332,775
Massachusetts — 5.4%
	5,150,000	Berkshire Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/31/20		5,169,107
	1,000,000	Cape Ann Transportation Authority Cash Flow Management Revenue Notes 2.00%, 07/02/20		1,003,640
	7,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/25		8,435,770
	840,000	Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/26		1,036,862
	6,430,000	Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/27		8,103,022
	1,500,000	Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/28		1,929,360
	13,025,000	Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/31		15,786,951
	9,330,000	Commonwealth of Massachusetts Advance Refunding GO, Series C 5.00%, 10/01/26		11,582,729
	10,000,000	Commonwealth of Massachusetts Advance Refunding GO, Series E 5.00%, 11/01/24		11,826,900

Principal Amount			Value
Massachusetts (continued)
$	4,000,000	Commonwealth of Massachusetts Current Refunding GO, Series C 5.00%, 05/01/27	$	5,022,440
	4,270,000	Commonwealth of Massachusetts Current Refunding GO, Series C 5.00%, 05/01/29		5,574,229
	2,900,000	Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B 5.00%, 06/15/22		3,187,216
	2,000,000	Commonwealth of Massachusetts Public Improvements GO, Series C 5.00%, 07/01/32		2,368,860
	1,125,000	Commonwealth of Massachusetts Public Improvements GO, Series D 5.00%, 02/01/33		1,375,054
	7,325,000	Commonwealth of Massachusetts Public Improvements GO, Series E 5.00%, 11/01/31		9,168,117
	6,435,000	Commonwealth of Massachusetts Public Improvements GO, Series G 5.00%, 09/01/29		8,447,868
	8,000,000	Commonwealth of Massachusetts Refunding GO, Series C, (AGM) 5.25%, 11/01/26		10,083,440
	7,000,000	Commonwealth of Massachusetts Transit Improvements GO, Series F 5.00%, 05/01/28		8,973,020
	4,500,000	Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/27		5,533,335
	1,000,000	Massachusetts Bay Transportation Authority Advance Refunding Revenue Bonds, Senior Series B 5.00%, 07/01/33		1,181,190
	8,500,000	Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017 5.00%, 08/01/21		9,070,180
	5,000,000	Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A 5.00%, 07/15/33		6,112,700

Principal Amount			Value
Massachusetts (continued)
$	10,000,000	Massachusetts Development Finance Agency Miscellaneous Purpose Revenue Bonds, Series A 5.25%, 04/01/37	$	10,575,400
	3,500,000	Massachusetts School Building Authority Refunding Revenue Bonds, Senior Series A 5.00%, 08/15/23		3,866,940
	7,780,000	Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B 5.00%, 08/01/20		8,002,819
	500,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/22		551,855
	8,535,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B, (AGM) 5.25%, 08/01/26		10,705,280
	2,700,000	Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/22		2,980,017
	13,050,000	Montachusett Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/30/20		13,095,284
	5,000,000	Worcester Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 06/26/20		5,018,750
				195,768,335
Michigan — 0.5%
	425,000	Avondale School District School Improvement GO, (Q-SBLF) 5.00%, 11/01/29		531,781
	200,000	Caledonia Community Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/23		225,249
	800,000	Eastpointe Community Schools Advance Refunding GO, (Q-SBLF) 5.00%, 05/01/27		982,768
	1,225,000	Grand Valley State University & College Advance Refunding Revenue Bonds, Series A 5.00%, 12/01/25		1,477,730
	500,000	Grand Valley State University & College Improvements Revenue Bonds, Series A 5.00%, 12/01/23		572,959

Principal Amount			Value
Michigan (continued)
$	450,000	Lansing School District School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/31	$	572,877
	740,000	Lansing School District School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/34		931,016
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 10/15/21		1,073,520
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 10/15/23		1,146,160
	1,000,000	Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 04/15/24		1,163,540
	1,000,000	Michigan State University Refunding Revenue Bonds, Series A 5.00%, 08/15/31		1,179,050
	400,000	Midland Public School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/30		510,275
	1,000,000	University of Michigan Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/22		1,092,750
	3,000,000	University of Michigan University & College Improvements Revenue Bonds, Series A 5.00%, 04/01/26		3,685,620
	1,000,000	Utica Community School Improvements GO, (Q-SBLF) 5.00%, 05/01/31		1,265,100
	290,000	Wayne-Westland Community Schools Improvements GO, (Q-SBLF) 5.00%, 11/01/22		320,731
	935,000	Wayne-Westland Community Schools Improvements GO, (Q-SBLF) 5.00%, 11/01/28		1,178,455
				17,909,581

Principal Amount			Value
Minnesota — 1.1%
$	1,515,000	Cambridge-Isanti Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program) 5.00%, 02/01/24	$	1,747,234
	1,000,000	City of Rochester Advance Refunding GO, Series B 5.00%, 12/01/24		1,187,680
	2,120,000	Hennepin County Regional Railroad Authority Current Refunding GO, Series D 5.00%, 12/01/28		2,759,837
	2,365,000	Hennepin County Regional Railroad Authority Current Refunding GO, Series D 5.00%, 12/01/30		3,182,699
	1,815,000	Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B 5.00%, 03/01/27		2,218,347
	2,200,000	Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A 5.00%, 02/01/25		2,614,348
	5,425,000	St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3 5.00%, 12/01/19		5,440,624
	3,325,000	State of Minnesota Highway Improvements GO, Series B 5.00%, 08/01/29		4,373,040
	785,000	State of Minnesota Public Improvements COP 5.00%, 06/01/23		889,617
	1,395,000	State of Minnesota Public Improvements COP 5.00%, 06/01/24		1,628,607
	2,740,000	State of Minnesota Public Improvements COP 5.00%, 06/01/25		3,192,429
	2,910,000	State of Minnesota Public Improvements COP 5.00%, 06/01/26		3,380,169
	1,000,000	State of Minnesota Refunding Revenue Bonds, Series B 5.00%, 03/01/21		1,050,870
	3,915,000	State of Minnesota School Improvements GO, Series A 5.00%, 08/01/28		4,826,725
	1,505,000	University of Minnesota Current Refunding Revenue Bonds, Series B 5.00%, 10/01/29		1,986,585

Principal Amount			Value
Minnesota (continued)
$	1,000,000	Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/24	$	1,153,290
				41,632,101
Mississippi — 0.5%
	1,565,000	Medical Center Educational Building Corporation Advance Refunding Revenue Bonds 5.00%, 06/01/29		2,008,975
	730,000	Medical Center Educational Building Corporation Advance Refunding Revenue Bonds 5.00%, 06/01/30		932,407
	570,000	Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program) 5.00%, 01/01/23		634,570
	2,310,000	Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A 5.00%, 01/01/25		2,718,454
	310,000	Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds 5.00%, 11/01/22		343,523
	10,000,000	State of Mississippi Public Improvements GO, Series B 5.00%, 12/01/31		11,335,700
	830,000	University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A 5.00%, 10/01/25		1,003,976
				18,977,605
Missouri — 0.6%
	1,000,000	Belton School District No 124 school Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/28		1,273,800
	570,000	County of Jackson Refunding Revenue Bonds 4.00%, 12/01/21		601,418
	300,000	County of Jackson Refunding Revenue Bonds 4.00%, 12/01/22		323,829

Principal Amount			Value
Missouri (continued)
$	2,300,000	County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation) 5.00%, 12/01/26	$	2,682,030
	4,000,000	Hazelwood School District Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25		4,637,600
	905,000	Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/25		1,077,439
	2,000,000	Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/21		2,146,480
	500,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/24		579,659
	1,800,000	North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25		2,080,332
	4,915,000	University of Missouri Refunding Revenue Bonds, Series B 1.11%, 11/01/31(a)		4,915,000
				20,317,587
New Hampshire — 0.2%
	3,990,000	State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/21		4,305,050
	3,990,000	State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/22		4,451,005
				8,756,055
New Jersey — 1.2%
	200,000	Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY) 5.00%, 12/01/22		223,557

Principal Amount			Value
New Jersey (continued)
$	2,000,000	New Jersey Economic Development Authority Advance Refunding Revenue Bonds, Series B (State Appropriation) 5.00%, 11/01/21	$	2,136,600
	2,500,000	New Jersey Economic Development Authority Refunding Revenue Bonds 5.00%, 03/01/21		2,614,650
	3,295,000	New Jersey Economic Development Authority Refunding Revenue Bonds, Series GG 5.00%, 09/01/21		3,446,570
	990,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds 5.00%, 07/01/21		1,050,727
	1,000,000	New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds 5.00%, 07/01/23		1,130,490
	1,300,000	New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B 5.00%, 01/01/20		1,307,787
	8,500,000	New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds 5.00%, 06/15/23		9,513,115
	5,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds (NATL-RE) 5.25%, 12/15/21		5,395,200
	2,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.25%, 12/15/21		2,155,900
	3,860,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.50%, 12/15/21		4,180,882
	5,000,000	New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series B (NATL-RE) 5.50%, 12/15/21		5,421,150
	1,500,000	New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A 5.25%, 12/15/22		1,666,380

Principal Amount			Value
New Jersey (continued)
$	650,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds 5.00%, 06/15/21	$	686,777
	440,000	New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series AA 5.00%, 06/15/21		464,529
	1,000,000	New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/27		1,240,100
	2,000,000	New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A 5.00%, 01/01/29		2,458,740
				45,093,154
New Mexico — 0.3%
	8,600,000	State of New Mexico University and College Improvements GO 5.00%, 03/01/28		11,001,120
	1,000,000	University of New Mexico Refunding Revenue Bonds, Series C 1.09%, 06/01/30(a)		1,000,000
				12,001,120
New York — 16.9%
	10,025,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/21		10,686,650
	30,000,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		33,102,900
	15,000,000	City of New York Current Refunding GO, Series E 5.00%, 08/01/23		17,076,600
	9,400,000	City of New York Current Refunding GO, Series E 5.00%, 08/01/24		11,018,022
	8,000,000	City of New York GO, Sub-Series B-3 1.30%, 10/01/46(a)		8,000,000
	2,100,000	City of New York Public Improvements GO, Sub-Series B-3 1.06%, 09/01/27(a)		2,100,000
	2,910,000	City of New York Public Improvements GO, Sub-Series D-1 5.00%, 08/01/22		3,210,981

Principal Amount			Value
New York (continued)
$	32,750,000	City of New York Public Improvements GO, Sub-Series D-3 5.00%, 08/01/38(a)(b)	$	37,006,190
	1,855,000	City of New York Refunding GO, Series C 5.00%, 08/01/20		1,907,979
	650,000	City of New York Refunding GO, Series C 5.00%, 08/01/22		717,230
	8,170,000	City of New York Refunding GO, Series D 5.00%, 08/01/22		9,015,023
	3,575,000	City of New York Refunding GO, Series F 5.00%, 08/01/29		3,855,638
	2,500,000	City of New York Refunding GO, Series G 5.00%, 08/01/21		2,665,000
	18,500,000	City of New York Refunding GO, Series G 5.00%, 08/01/22		20,413,455
	5,000,000	City of New York Refunding GO, Series I 5.00%, 08/01/25		5,676,500
	9,450,000	City of New York Refunding GO, Series J, Subseries J11 5.00%, 08/01/25(b)		11,379,596
	3,000,000	County of Rockland GO Notes 3.00%, 04/02/20		3,021,480
	5,000,000	Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/23		5,285,950
	2,035,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/26		2,522,586
	2,055,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.25%, 11/15/31		2,559,420
	5,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B 5.00%, 11/15/34(a)		5,049,350
	240,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/28		292,145
	1,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/29		1,234,669

Principal Amount			Value
New York (continued)
$	3,020,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30	$	3,321,396
	20,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(a)		22,133,200
	940,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series C-1 5.00%, 11/15/27		1,177,087
	24,820,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 09/01/22		27,222,080
	1,925,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series F 5.00%, 11/15/21		2,067,681
	1,910,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/21		2,051,569
	20,000,000	Metropolitan Transportation Authority Transit Improvements Revenue Notes, Series D2 4.00%, 07/01/20		20,343,200
	11,475,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series G 2.00%, 11/01/57(a)		11,525,490
	2,500,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/24		2,930,425
	10,500,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3, (State Aid Withholding) 5.00%, 07/15/28		13,429,500
	975,000	New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-1A, (State Aid Withholding) 5.00%, 07/15/21(c)		1,040,111

Principal Amount			Value
New York (continued)
$	1,350,000	New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C 5.00%, 11/01/23	$	1,553,445
	15,920,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21		17,133,263
	1,045,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/19		1,045,000
	2,425,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/21		2,609,809
	1,535,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/21		1,651,982
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvement Revenue Bonds, Series C-1 5.00%, 05/01/22		3,285,270
	2,210,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/29		2,532,329
	9,000,000	New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/31		10,980,900
	600,000	New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/20		622,895
	3,545,000	New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24		4,164,205
	5,490,000	New York City Water & Sewer System Refunding Revenue Bonds, Series F-2 1.08%, 06/15/33(a)		5,490,000

Principal Amount			Value
New York (continued)
$	6,200,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2 5.00%, 06/15/25	$	7,161,248
	1,000,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series DD-2 5.00%, 06/15/24		1,116,950
	4,370,000	New York Local Government Assistance Corp. Refunding Revenue Bonds 1.08%, 04/01/24(a)		4,370,000
	5,000,000	New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 12/01/21		5,405,350
	9,100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23		10,266,256
	7,790,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/22		8,493,982
	14,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24		16,282,420
	2,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/31		2,373,580
	7,500,000	New York State Dormitory Authority Current Refunding Revenue Bonds, Series 1 (State Aid Withholding) 5.00%, 01/15/30		9,470,025
	1,000,000	New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue 5.00%, 07/01/25		1,197,850
	8,770,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series A-Group A 5.00%, 03/15/22		9,562,545
	5,000,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series B-Group B 5.00%, 02/15/28		5,899,550

Principal Amount			Value
New York (continued)
$	15,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/20	$	15,645,750
	4,160,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26		4,810,666
	6,600,000	New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E 5.00%, 03/15/30		8,388,534
	1,045,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/21		1,099,716
	7,700,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/25		8,951,404
	1,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 02/15/27		1,232,590
	6,290,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/27		7,901,498
	4,185,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/28		5,358,600
	12,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A-Group 2 5.00%, 03/15/29		15,169,920
	22,680,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series C 5.00%, 03/15/27		28,490,616
	6,325,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series C 5.00%, 03/15/30		7,949,007
	1,500,000	New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A 5.00%, 07/01/32		1,908,090

Principal Amount			Value
New York (continued)
$	3,000,000	New York State Environmental Facilities Corp Refunding Revenue Bonds 5.00%, 06/15/29	$	3,497,520
	3,750,000	New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue 5.00%, 06/15/25		4,529,475
	1,430,000	New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/20		1,450,177
	8,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series A 5.00%, 03/15/21		8,267,440
	2,000,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24		2,327,000
	2,105,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/27		2,569,468
	5,875,000	New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A 5.00%, 03/15/25		7,029,320
	5,605,000	New York State Urban Development Corp Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/22		6,112,925
	4,705,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22		5,131,367
	2,760,000	New York State Urban Development Corp. Refunding Revenue Bonds 1.05%, 03/15/33(a)(b)		2,760,000
	4,215,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/27		4,848,177
	5,880,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28		6,763,294

Principal Amount			Value
New York (continued)
$	4,450,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds 5.00%, 11/15/28	$	5,827,765
	120,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series B 5.00%, 11/15/29		149,708
	2,125,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/27		2,679,349
	5,105,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds 5.00%, 11/15/33		6,448,687
	1,600,000	Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds 5.00%, 12/15/24		1,788,160
				616,794,180
North Carolina — 2.4%
	680,000	Appalachian State University Refunding Revenue Bonds 5.00%, 05/01/20		692,764
	1,880,000	City of Charlotte Current Refunding GO, Series A 5.00%, 06/01/27		2,378,764
	3,000,000	County of Union University & College Improvements GO, Series C 5.00%, 09/01/25		3,639,480
	3,325,000	County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/26		4,135,968
	1,150,000	County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/29		1,415,501
	7,225,000	County of Wake Refunding Public Notes GO, Series A 5.00%, 03/01/26		8,868,326
	675,000	Dare County Refunding Revenue Bonds, Series D 5.00%, 06/01/21		715,331
	1,000,000	Durham Capital Financing Corp Advance Refunding Revenue Bonds 5.00%, 12/01/25		1,214,750
	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A 5.00%, 01/01/22		2,162,760

Principal Amount			Value
North Carolina (continued)
$	2,000,000	North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A 5.00%, 01/01/23	$	2,199,880
	2,000,000	North Carolina Eastern Municipal Power Agency Refunding Revenue Bonds, Series B 5.00%, 01/01/21		2,087,840
	325,000	North Carolina State University At Raleigh Refunding Revenue Bonds, Series A 5.00%, 10/01/21		348,867
	3,250,000	State of North Carolina Advance Refunding Revenue Bonds 5.00%, 03/01/22		3,532,685
	13,000,000	State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/23		14,693,640
	2,010,000	State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/24		2,341,831
	5,000,000	State of North Carolina Highway Improvements Revenue Bonds 5.00%, 03/01/29		6,428,000
	6,675,000	State of North Carolina Highway Improvements Revenue Bonds 5.00%, 03/01/30		8,526,445
	1,500,000	State of North Carolina Highway Improvements Revenue Bonds, Series A 5.00%, 05/01/22		1,641,480
	3,735,000	State of North Carolina Highway Improvements Revenue Bonds, Series A 5.00%, 05/01/28		4,787,747
	8,025,000	State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/26		9,926,524
	5,270,000	State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/27		6,672,452
				88,411,035
Ohio — 5.5%
	1,175,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/23		1,350,992

Principal Amount			Value
Ohio (continued)
$	1,000,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/24	$	1,184,970
	1,285,000	Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/25		1,564,295
	3,500,000	City of Columbus GO, Series A 4.00%, 08/15/25		4,031,125
	1,945,000	City of Columbus Public Improvements GO, Series 1 1.05%, 12/01/26(a)		1,945,000
	3,730,000	City of Columbus Refunding GO, Series 1 5.00%, 07/01/21		3,965,177
	5,000,000	City of Columbus Refunding GO, Series 1 5.00%, 07/01/26		6,168,250
	2,000,000	City of Columbus Refunding GO, Series 5 5.00%, 08/15/23		2,282,840
	13,000,000	City of Columbus Transit Improvements GO, Series A 5.00%, 04/01/31		16,548,610
	1,100,000	County of Cuyahoga Refunding Revenue Bonds 5.00%, 12/01/22		1,227,798
	1,000,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/26		1,178,930
	1,515,000	County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/27		1,782,276
	1,250,000	County of Ross OH Adena Health System Obligated Group Refunding Revenue Bonds 5.00%, 12/01/27		1,547,475
	1,955,000	County of Ross OH Adena Health System Obligated Group Refunding Revenue Bonds 5.00%, 12/01/28		2,463,515
	1,000,000	Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds 5.00%, 12/01/23		1,150,650
	3,000,000	Ohio Water Development Authority Revenue Bonds 5.00%, 06/01/26		3,691,710

Principal Amount			Value
Ohio (continued)
$	10,000,000	Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series A 1.04%, 12/01/36(a)(b)	$	10,000,000
	10,285,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds 5.00%, 06/01/28		13,144,847
	10,000,000	Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A 5.00%, 06/01/29		13,018,400
	3,045,000	Revere Local School District School Improvements GO, Series A 5.00%, 12/01/42		3,344,019
	2,350,000	Revere Local School District School Improvements GO, Series A 5.00%, 12/01/45		2,580,770
	320,000	RiverSouth Authority Area Redevelopment Refunding Revenue Bonds 5.00%, 06/01/24		361,805
	1,075,000	State of North Carolina Highway capital Improvements GO, Series Q 5.00%, 05/01/21		1,136,694
	16,790,000	State of Ohio Advance Refunding GO, Series A 5.00%, 12/15/24		19,954,411
	2,500,000	State of Ohio Advance Refunding GO, Series A 5.00%, 09/01/27		3,159,725
	1,400,000	State of Ohio Advance Refunding GO, Series C 5.00%, 08/01/27		1,766,282
	4,790,000	State of Ohio Advance Refunding GO, Series U 5.00%, 05/01/27		6,026,012
	1,000,000	State of Ohio Advance Refunding Revenue Bonds 5.00%, 10/01/21		1,070,680
	1,445,000	State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24		1,691,878
	300,000	State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24		351,255

Principal Amount			Value
Ohio (continued)
$	550,000	State of Ohio Facilities Improvements Revenue Bonds 5.00%, 10/01/24	$	645,475
	210,000	State of Ohio Highway Improvements Revenue Bonds 5.00%, 12/15/24		248,319
	2,000,000	State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/20		2,083,360
	2,000,000	State of Ohio Mental Health Facility Improvements Revenue Bonds 5.00%, 06/01/25		2,385,640
	2,530,000	State of Ohio Mental Health Facility Improvements Revenue Bonds, Series A 5.00%, 02/01/23		2,650,656
	1,415,000	State of Ohio Public Improvements Revenue Bonds, Series A 5.00%, 02/01/24		1,629,373
	970,000	State of Ohio Recreation Facilities Improvements Revenue Bonds 5.00%, 04/01/21		1,020,750
	775,000	State of Ohio Recreation Facilities Improvements Revenue Bonds 5.00%, 04/01/25		920,344
	5,000,000	State of Ohio School Improvements GO, Series B 5.00%, 06/15/23		5,679,000
	7,505,000	State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/27		9,417,274
	5,445,000	State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/28		6,474,867
	2,200,000	State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/28		2,409,176
	15,415,000	State of Ohio University and College Improvements GO, Series A 5.00%, 02/01/30		18,561,818
	12,365,000	State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/30		15,357,825

Principal Amount			Value
Ohio (continued)
$	1,000,000	University of Cincinnati Advance Refunding Revenue, Series A 5.00%, 06/01/26	$	1,222,110
				200,396,378
Oklahoma — 0.6%
	675,000	City of Oklahoma City Current Refunding GO 5.00%, 03/01/24		783,466
	3,650,000	City of Oklahoma City Public Improvements GO 5.00%, 03/01/26		4,475,229
	2,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 4.00%, 01/01/21		2,066,080
	5,000,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/26		6,095,800
	2,985,000	Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/28		3,804,920
	1,575,000	Tulsa Metropolitan Utility Authority Refunding Revenue Bonds, Series A 5.00%, 04/01/27		1,972,656
	2,000,000	University of Oklahoma Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/25		2,395,700
	1,250,000	University of Oklahoma Refunding Revenue Bonds, Series A 5.00%, 07/01/25		1,498,825
				23,092,676
Oregon — 1.3%
	1,040,000	Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY) 5.00%, 06/15/27		1,304,202
	1,455,000	Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY) 5.00%, 06/15/28		1,862,997
	2,125,000	Jackson County School District No 5 Ashland School Improvement GO, (School Board GTY) 5.00%, 06/15/31		2,756,571

Principal Amount			Value
Oregon (continued)
$	5,000,000	State of Oregon Advance Refunding GO, Series I 5.00%, 08/01/28	$	6,290,500
	3,290,000	State of Oregon Advance Refunding GO, Series M 5.00%, 11/01/23		3,778,532
	10,350,000	State of Oregon Facilities Improvements GO, Series A 5.00%, 05/01/25		12,415,446
	4,940,000	State of Oregon Facilities Improvements GO, Series A 5.00%, 05/01/27		6,202,713
	4,140,000	State of Oregon Refunding GO, Series G 5.00%, 11/01/30		4,729,039
	4,700,000	State of Oregon School Improvements GO 5.00%, 06/01/28		5,891,638
	2,000,000	Washington County School District No 1 West Union School Improvements GO, (School Board GTY) 5.00%, 06/15/28		2,507,560
				47,739,198
Pennsylvania — 1.6%
	15,000,000	Commonwealth of Pennsylvania Advance Refunding GO 5.00%, 07/15/26		18,274,050
	9,775,000	Commonwealth of Pennsylvania Current Refunding GO, 1St Series 5.00%, 07/01/21		10,382,907
	5,000,000	Commonwealth of Pennsylvania Public Facilities GO, Series 1 5.00%, 03/01/22		5,434,900
	10,000,000	Commonwealth of Pennsylvania Public Improvements GO, Series 2 5.00%, 09/15/20		10,327,200
	1,000,000	Lancaster County Hospital Authority Advance Refunding Revenue Bonds 5.00%, 08/15/26		1,234,180
	4,120,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/21		4,357,806
	2,755,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/22		3,015,981

Principal Amount			Value
Pennsylvania (continued)
$	3,500,000	Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/23	$	3,957,135
	1,240,000	Pennsylvania State University, University and College Improvements Revenue, Series A 5.00%, 09/01/26		1,532,826
				58,516,985
Rhode Island — 0.5%
	6,950,000	Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue 5.00%, 06/15/23		7,846,342
	3,000,000	Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A 5.00%, 05/15/22		3,269,100
	4,025,000	Rhode Island Health & Educational Building Corp. College Improvements Revenue Bonds 1.09%, 05/01/35(a)		4,025,000
	550,000	State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D 5.00%, 04/01/24		633,078
	960,000	State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/24		1,110,096
	1,010,000	State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/25		1,197,597
				18,081,213
South Carolina — 0.7%
	3,600,000	Beaufort County School District School Improvements Refunding GO, Series A (South Carolina School District) 5.00%, 03/01/22		3,915,720
	4,010,000	Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/27		5,013,142
	3,000,000	Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/28		3,784,980

Principal Amount			Value
South Carolina (continued)
$	1,635,000	Lexington County School District No 2 Refunding GO (South Carolina School District) 5.00%, 03/01/20	$	1,655,487
	2,350,000	Lexington County School District No 2 School Improvements GO (South Carolina School District) 5.00%, 03/01/26		2,871,700
	1,500,000	State of South Carolina Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 04/01/26		1,849,050
	1,485,000	State of South Carolina University & College Improvements GO, Series B (State Aid Withholding) 5.00%, 04/01/22		1,621,991
	4,680,000	State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding) 5.00%, 04/01/22		5,111,730
				25,823,800
South Dakota — 0.1%
	2,455,000	South Dakota Conservancy District Water Utility Improvements Revenue Bonds 5.00%, 08/01/29		2,860,468
Tennessee — 0.9%
	1,000,000	County of Montgomery Advance Refunding School Improvements GO 5.00%, 04/01/26		1,224,400
	1,600,000	Metropolitan Government of Nashville & Davidson County Advance Refunding Revenue, Series B 5.00%, 05/15/25		1,915,696
	400,000	Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A 5.00%, 05/15/23		452,075
	5,005,000	State of Tennessee Refunding GO, Series A 5.00%, 09/01/23		5,726,871
	2,000,000	State of Tennessee Refunding Notes GO, Series A 5.00%, 08/01/21		2,134,520
	2,335,000	State of Tennessee Refunding Notes GO, Series A 5.00%, 08/01/27		2,887,624

Principal Amount			Value
Tennessee (continued)
$	7,000,000	Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/31	$	8,405,670
	7,000,000	Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/32		8,387,890
	900,000	Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/25		1,063,467
				32,198,213
Texas — 15.3%
	2,250,000	Alief Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/28		2,791,463
	1,000,000	Allen Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/22		1,086,540
	860,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/25		1,021,628
	1,720,000	Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/26		2,094,960
	1,100,000	Amarillo College District Refunding GO 4.00%, 02/15/20		1,108,833
	235,000	Anna Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/28		296,241
	485,000	Aransas Pass Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/23		542,652
	1,315,000	Austin Community College District Refunding GO 5.00%, 08/01/27		1,607,232
	2,525,000	Austin Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/27		3,111,608

Principal Amount			Value
Texas (continued)
$	1,000,000	Austin Independent School District Refunding GO, Series B, (PSF-GTD) 5.00%, 08/01/21	$	1,066,360
	895,000	Barbers Hill Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27		1,106,578
	120,000	Bay City Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/28		151,540
	5,310,000	Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/26		6,471,138
	3,070,000	Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/28		3,806,401
	2,000,000	Bexar County Hospital District Current Refunding GO 5.00%, 02/15/30		2,495,760
	1,075,000	Bonham Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/01/27		1,316,983
	1,605,000	Brock Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,929,788
	5,000,000	Burleson Independent School District School Improvement GO, (PSF-GTD) 2.50%, 02/01/47(a)		5,130,200
	1,000,000	Burleson Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/25		1,201,120
	1,420,000	Burleson Independent School District Refunding GO, Series B, (PSF-GTD) 5.50%, 08/01/27		1,832,553
	1,120,000	Channelview Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/15/30		1,427,754
	1,700,000	City of Austin Public Improvements GO 5.00%, 11/01/22		1,891,267
	5,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds 5.00%, 11/15/29		6,141,200

Principal Amount			Value
Texas (continued)
$	1,000,000	City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/21	$	1,076,890
	2,360,000	City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/21		2,468,536
	2,450,000	City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/22		2,624,661
	2,535,000	City of Cedar Park Public Improvements Refunding GO 5.00%, 02/15/20		2,562,048
	4,020,000	City of College Station Improvements Advance Refunding GO 5.00%, 02/15/25		4,780,021
	935,000	City of Conroe Public Improvements GO 5.00%, 03/01/25		1,081,393
	2,075,000	City of Denton Public Improvements GO 5.00%, 02/15/23		2,326,635
	1,715,000	City of Denton Public Improvements GO 5.00%, 02/15/24		1,979,367
	1,290,000	City of Denton Public Improvements GO 5.00%, 02/15/28		1,558,049
	830,000	City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds 5.00%, 03/01/24		959,580
	350,000	City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/25		404,191
	1,250,000	City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/26		1,439,975
	5,145,000	City of Fort Worth Water & Sewer System Improvements Revenue 5.00%, 02/15/25		6,120,646
	2,240,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/25		2,670,976
	2,360,000	City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/26		2,875,306
	930,000	City of Pflugerville Advance Refunding GO 5.00%, 08/01/26		1,140,738

Principal Amount			Value
Texas (continued)
$	1,815,000	City of Plano Advance Refunding GO 5.00%, 09/01/23	$	2,071,659
	2,820,000	City of Plano Recreation Facilities Improvements GO 5.00%, 09/01/30		3,559,883
	1,180,000	City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds 5.00%, 05/01/26		1,441,051
	1,205,000	City of Round Rock TX Utility System Revenue Advance Refunding 5.00%, 08/01/25		1,447,350
	875,000	Clear Creek Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/24		1,011,071
	1,000,000	Clear Creek Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/25		1,187,940
	1,505,000	Clint Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,810,485
	1,535,000	College of the Mainland University and College Improvements GO 5.00%, 08/15/29		1,940,608
	1,195,000	Connally Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,434,621
	900,000	Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/21		943,551
	460,000	Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22		499,266
	1,400,000	Coppell Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/32		1,766,842
	2,130,000	County of Bexar Advance Refunding GO 5.00%, 06/15/26		2,561,794
	7,500,000	County of Bexar Advance Refunding GO 5.00%, 06/15/29		9,115,500
	2,910,000	County of Bexar Refunding GO 5.00%, 06/15/22		3,194,249
	24,000,000	County of Bexar Tax Public Improvements GO, Series B 5.00%, 06/15/43		27,234,000

Principal Amount			Value
Texas (continued)
$	675,000	County of Collin Advance Refunding GO 5.00%, 02/15/24	$	779,969
	2,800,000	County of Dallas Public Improvements GO 5.00%, 08/15/28		3,430,840
	1,500,000	County of Denton Advance Refunding GO 5.00%, 07/15/24		1,754,430
	1,590,000	County of Harris Advance Refunding Revenue, Series A 5.00%, 08/15/25		1,912,738
	1,485,000	County of Harris Current Refunding GO, Series A 5.00%, 10/01/24		1,743,553
	1,850,000	County of Williamson Limited Tax Advance Refunding GO 5.00%, 02/15/24		2,139,359
	1,000,000	County of Williamson Limited Tax Refunding GO 5.00%, 02/15/21		1,049,180
	360,000	Crystal City Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26		426,629
	1,500,000	Cuero Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/30		1,864,830
	750,000	Dallas Area Rapid Transit Refunding Revenue Bonds, Series A 5.00%, 12/01/25		885,015
	1,120,000	Dayton Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22		1,216,925
	3,000,000	Deer Park Independent School District Improvements GO, (PSF-GTD) 1.55%, 10/01/42(a)(b)		3,004,320
	8,215,000	Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/26		9,728,367
	6,500,000	Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/29		7,814,820
	1,085,000	Denver City Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/25		1,285,866

Principal Amount			Value
Texas (continued)
$	2,665,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25	$	3,209,246
	1,835,000	Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/27		2,219,579
	10,000,000	Eagle Mountain & Saginaw Independent School District School Improvements GO, (PSF-GTD), Series 2011 2.00%, 08/01/50(a)(b)		10,260,500
	3,000,000	Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/25		3,558,750
	1,500,000	El Paso Independent School District Refunding GO (PSF-GTD) 5.00%, 08/15/25		1,761,060
	2,280,000	Fort Bend Independent School District Refunding Notes GO, Series A, (PSF-GTD) 1.95%, 08/01/49(a)		2,312,604
	4,320,000	Fort Worth Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/22		4,691,822
	885,000	Frenship Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/26		1,022,662
	4,890,000	Frisco Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/26		5,947,707
	8,495,000	Garland Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/23		9,522,300
	1,385,000	Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25		1,646,848
	1,095,000	Graham Independent School District Refunding GO, Series B (PSF-GTD) 5.00%, 02/15/21		1,148,414
	4,500,000	Grand Parkway Transportation Corp Highway Improvements Revenue Bonds, Sub-Tier Series B 5.00%, 10/01/52(a)		5,094,360

Principal Amount			Value
Texas (continued)
$	2,865,000	Harris County Flood Control District Advance Refunding 5.00%, 10/01/28	$	3,610,129
	5,000,000	Harris County Flood Control District Refunding Revenue Bonds, Series A 5.00%, 10/01/23		5,728,000
	5,030,000	Harris County Metropolitan Authority Transit Improvements Revenue Bonds, Series B 5.00%, 11/01/23		5,402,975
	2,040,000	Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27		2,531,783
	2,730,000	Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/27		3,349,410
	4,000,000	Houston Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/28		4,965,720
	175,000	Hutto Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/01/25		207,335
	2,455,000	Irving Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24		2,840,116
	585,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/24		674,125
	500,000	Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25		591,725
	750,000	Klein Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/01/23		854,129
	1,645,000	La Joya Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/31		2,062,320
	13,725,000	Lone Star College System Advance Refunding GO 5.00%, 02/15/29		16,543,017
	4,455,000	Lone Star College System Advance Refunding GO, Series B 5.00%, 02/15/23		4,998,332

Principal Amount			Value
Texas (continued)
$	1,835,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/21	$	1,924,511
	1,860,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23		2,084,297
	560,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24		646,071
	225,000	Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26		273,899
	2,670,000	Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25		3,215,267
	300,000	Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/26		369,063
	3,410,000	Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/24		3,993,519
	1,005,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/23		1,144,323
	1,060,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/24		1,241,695
	1,110,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25		1,334,620
	1,435,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/23		1,633,934
	1,650,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/25		1,983,894
	585,000	Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/26		719,018
	580,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/24		679,418

Principal Amount			Value
Texas (continued)
$	1,170,000	Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/25	$	1,406,761
	1,000,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/21		1,067,280
	595,000	Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/26		731,309
	1,585,000	Mesquite Independent School District School Improvements GO, Series B (PSF-GTD) 5.00%, 08/15/26		1,948,108
	3,000,000	Midlothian Independent School District Refunding GO, Series C (PSF-GTD) 2.00%, 08/01/51(a)(b)		3,072,600
	1,000,000	New Caney Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27		1,244,190
	250,000	Northside Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/26		307,998
	2,525,000	Northwest Independent School District Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25		3,002,377
	1,145,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23		1,281,106
	1,220,000	Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/28		1,471,076
	250,000	Pasadena Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/22		271,458
	4,420,000	Pasadena Independent School District School Improvement Refunding GO, (PSF-GTD) 5.00%, 02/15/25		4,954,511
	26,505,000	Permanent University Fund - Texas A&M University System Refunding Revenue Bonds 5.50%, 07/01/28		31,564,805
	750,000	Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/01/27		880,988

Principal Amount			Value
Texas (continued)
$	1,525,000	Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/23	$	1,710,989
	5,000,000	Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26		6,110,200
	1,995,000	Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25		2,364,334
	1,000,000	Prosper Independent School District School Building School Improvement GO, (PSF-GTD) 5.00%, 02/15/25		1,187,380
	925,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/22		1,020,099
	1,020,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/23		1,160,189
	1,075,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/24		1,258,180
	1,000,000	Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25		1,201,130
	1,330,000	San Antonio Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/23		1,518,089
	7,000,000	San Antonio Water System Water Utility Improvements Revenue Bonds, Series A 2.63%, 05/01/49(a)		7,368,130
	705,000	San Elizario Independent School District School Improvements GO, (PSF-GTD) 5.00%, 05/01/25		839,909
	1,195,000	Southside Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/29		1,490,966
	5,000,000	Spring Branch Independent School District School Improvement GO, (PSF-GTD) 1.55%, 06/15/41(a)(b)		5,013,450

Principal Amount			Value
Texas (continued)
$	450,000	Spring Independent School District Advance Refunding GO (PSF-GTD) 5.00%, 08/15/27	$	552,425
	1,000,000	Spring Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26		1,232,720
	2,160,000	Spring Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/22		2,388,334
	7,180,000	Spring Independent School District Advance Refunding GO, Series A 5.00%, 08/15/28		8,766,565
	500,000	Stafford Municipal School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/30		633,805
	9,500,000	State of Texas Housing GO, Series D 1.13%, 06/01/45(a)(b)		9,500,000
	10,000,000	State of Texas Mobility Funds Highway Improvement GO, Series B 1.12%, 04/01/36(a)		10,000,000
	5,000,000	State of Texas Public Finance Authority Advance Refunding GO 5.00%, 10/01/26		6,203,500
	2,695,000	State of Texas Public Finance Authority Refunding GO 5.00%, 10/01/20		2,789,702
	2,500,000	State of Texas Refunding Public Notes GO, Series A 5.00%, 10/01/21		2,684,100
	3,200,000	State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/25		3,886,976
	5,000,000	State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/28		5,995,300
	1,840,000	State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/30		2,291,444
	6,500,000	State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/25		7,786,480
	9,320,000	State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/27		11,375,899

Principal Amount			Value
Texas (continued)
$	12,005,000	State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/30	$	13,049,555
	3,500,000	State of Texas Transportation Commission Refunding GO, Series A 5.00%, 10/01/22		3,887,450
	2,500,000	State of Texas Water Financial Assistance Refunding GO, Series 2019 C 5.00%, 08/01/22		2,761,425
	1,030,000	State of Texas Water Utility Improvement Refunding GO, Series B1 5.00%, 08/01/26		1,273,090
	1,000,000	State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-2 5.00%, 08/01/28		1,163,010
	3,500,000	State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-3 5.00%, 08/01/27		4,412,800
	1,000,000	Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26		1,232,720
	1,000,000	Temple Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 02/01/27		1,239,270
	1,000,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/22		1,108,880
	5,785,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/24		6,813,284
	3,225,000	Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/21		3,397,473
	4,250,000	Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A 5.00%, 10/01/26		5,241,440
	2,080,000	Texas Water Development Board Water Utility Improvements Revenue Bonds 5.00%, 08/01/31		2,680,933

Principal Amount			Value
Texas (continued)
$	1,250,000	Texas Water Development Board Water Utility Improvements Revenue Bonds, Series A 5.00%, 10/15/23	$	1,433,225
	1,000,000	Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds 5.00%, 08/01/24		1,172,130
	500,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/22		551,839
	1,680,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/23		1,912,898
	935,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/24		1,097,166
	2,085,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/25		2,509,506
	1,635,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/26		2,011,933
	1,000,000	United Independent School District GO, (PSF-GTD) 5.00%, 08/15/27		1,254,310
	220,000	University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/20		223,727
	420,000	University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/21		442,701
	1,480,000	University of North Texas Unrefunded Refunding Revenue 5.00%, 04/15/20		1,505,604
	1,065,000	University of Texas System Refunding Revenue Bonds, Series A 5.00%, 08/15/29		1,236,241
	2,000,000	University of Texas System University and College Improvements Revenue, Series D 5.00%, 08/15/23		2,282,040
	3,000,000	University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/21		3,202,380
	7,000,000	University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/26		8,659,700

Principal Amount			Value
Texas (continued)
$	5,000,000	University of Texas System/The Refunding Revenue Bonds, Series B 1.03%, 08/01/32(a)	$	5,000,000
	325,000	Waco Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/27		398,973
	640,000	Wall Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27		754,259
	1,210,000	Wichita Falls Independent School District School Improvements GO (PSF-GTD) 5.00%, 02/01/23		1,354,656
				560,753,499
Utah — 0.0%
	840,000	Salt Lake County Municipal Building Authority Public Facilities Revenue Bonds 5.00%, 01/15/31		1,046,984
Virginia — 6.0%
	4,110,000	City of Suffolk Public Improvements GO 5.00%, 02/01/26(c)		4,300,786
	1,600,000	City of Virginia Beach Current Refunding GO, Series B, (State Aid Withholding) 5.00%, 07/15/26		1,979,056
	5,175,000	City of Virginia Beach Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 07/15/26		6,401,009
	7,430,000	Commonwealth of Virginia Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 06/01/28		8,911,245
	3,815,000	Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/22		4,192,571
	3,865,000	Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/27		4,768,946
	7,000,000	Country of Fairfax Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/22		7,772,800
	5,000,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/27		6,290,950

Principal Amount			Value
Virginia (continued)
$	4,630,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/28	$	6,034,927
	2,000,000	Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/28		2,513,000
	2,660,000	County of Arlington Public Improvements GO 5.00%, 08/15/31		3,417,861
	3,270,000	County of Chesterfield School Improvements GO, Series A, (State Aid Withholding) 5.00%, 01/01/27		4,092,961
	1,630,000	County of Chesterfield School Improvements GO, Series A, (State Aid Withholding) 5.00%, 01/01/28		2,086,384
	2,160,000	County of Fairfax Sewer Improvement Revenue Bonds 5.00%, 07/15/22		2,298,586
	7,530,000	County of Loudoun Public Facilities GO, Series A, (State Aid Withholding) 5.00%, 12/01/26		9,424,172
	1,350,000	Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A 4.50%, 03/01/20		1,364,648
	1,170,000	Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A 5.00%, 10/01/24		1,381,033
	10,000,000	Virginia College Building Authority Advance Refunding Revenue Bonds 5.00%, 02/01/27		12,517,300
	1,000,000	Virginia College Building Authority Advance Refunding Revenue, Series A 5.00%, 09/01/28		1,232,380
	2,000,000	Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program) 5.00%, 09/01/21		2,064,180
	9,975,000	Virginia College Building Authority Refunding Revenue Bonds 1.08%, 08/01/34(a)(b)		9,975,000

Principal Amount			Value
Virginia (continued)
$	10,000,000	Virginia College Building Authority University & College Improvements Revenue Bonds, Series A 5.00%, 02/01/28	$	12,769,400
	18,175,000	Virginia College Building Authority University & College Improvements Revenue Bonds, Series A 5.00%, 02/01/31		23,463,198
	500,000	Virginia College Building Authority, University and College Improvements Revenue, Series A 5.00%, 02/01/27		579,235
	6,000,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds 5.00%, 09/15/29		7,538,220
	2,600,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/23		2,943,330
	5,375,000	Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/28		6,816,145
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 03/15/23		5,451,250
	5,000,000	Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 05/15/27		6,141,650
	6,145,000	Virginia Public Building Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/26		7,617,649
	2,465,000	Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/21		2,630,796
	8,805,000	Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/30		11,521,078
	6,500,000	Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/31		8,459,035

Principal Amount			Value
Virginia (continued)
$	500,000	Virginia Public School Authority Advance Refunding Revenue Bonds 5.00%, 02/01/26	$	610,129
	2,450,000	Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 08/01/24		2,877,893
	5,000,000	Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 08/01/25		6,033,250
	2,790,000	Virginia Public School Authority School Improvement Revenue Bonds, Series A 5.00%, 10/01/23		3,198,540
	2,750,000	Virginia Public School Authority School Improvement Revenue Bonds, Series A 5.00%, 10/01/26		3,416,023
	1,500,000	Virginia Resources Authority Advance Refunding Revenue 5.00%, 11/01/26		1,864,560
	1,120,000	Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25		1,326,998
	30,000	Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25(c)		35,396
				218,313,570
Washington — 3.6%
	1,025,000	Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY) 5.00%, 12/01/21		1,105,452
	1,050,000	Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY) 5.00%, 12/01/26		1,284,360
	2,100,000	City of Seattle Public Improvements GO, Series A 5.00%, 11/01/24		2,488,122
	1,600,000	Clark County Public Utility District No 1 Refunding Revenue Bonds 5.00%, 01/01/27		1,926,576
	825,000	Clark County School District No 117 Camas School Improvements GO, (School Board GTY) 5.00%, 12/01/24		976,264

Principal Amount			Value
Washington (continued)
$	1,000,000	County of King WA Sewer Advance Refunding Revenue Bonds 5.00%, 07/01/30	$	1,242,820
	7,000,000	County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B 5.00%, 07/01/29		8,961,050
	10,000,000	Energy Northwest Advance Refunding Revenue Bonds 5.00%, 07/01/27		12,270,600
	3,000,000	Energy Northwest Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/27		3,591,930
	3,900,000	Energy Northwest Refunding Revenue Bonds, Series A 5.00%, 07/01/28		4,272,138
	1,035,000	King County Refunding GO 5.00%, 07/01/25		1,229,125
	5,395,000	King County Refunding GO 5.00%, 07/01/26		6,387,033
	9,000,000	King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/32		11,203,560
	3,000,000	King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/33		3,726,960
	1,180,000	Nooksack Valley School District No 506 School Improvements GO, (School Board GTY) 5.00%, 12/01/24		1,393,167
	2,995,000	Pierce County School District No 10 Tacoma Current Refunding GO, (School Board GTY) 5.00%, 12/01/26		3,632,306
	1,000,000	Pierce County School District No 402 Franklin Pierce School Improvements GO, (School Board GTY) 5.00%, 12/01/30		1,249,380
	750,000	Port of Seattle Inter Lien Refunding Revenue Bonds 5.00%, 02/01/27		904,823
	5,000,000	Port of Seattle Refunding GO 5.00%, 06/01/24		5,844,550
	4,000,000	Port of Seattle WA Refunding GO, Series A 5.00%, 11/01/21		4,305,680

Principal Amount			Value
Washington (continued)
$	1,120,000	Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY) 5.00%, 12/01/23	$	1,286,790
	5,000,000	Snohomish County School District No 201 Refunding GO (School Board GTY) 5.00%, 12/01/25		5,828,550
	360,000	Spokane County School District No 354 Mead School Improvement GO, (School Board GTY) 5.00%, 12/01/22		401,594
	5,000,000	State of Washington Advance Refunding GO, Series R-2017A 5.00%, 08/01/27		6,147,100
	15,000,000	State of Washington Advance Refunding GO, Series R-2018C 5.00%, 08/01/25		18,109,050
	3,195,000	State of Washington Public Improvements GO, Series B 5.00%, 08/01/27		3,927,997
	5,475,000	State of Washington Public Improvements GO, Series C 5.00%, 02/01/30		6,426,774
	800,000	State of Washington Refunding GO, Series R-2012C 5.00%, 07/01/23		880,096
	2,315,000	State of Washington School Improvements GO, Series C 5.00%, 02/01/27		2,885,092
	3,100,000	State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, Series C 5.00%, 06/01/29		3,771,181
	4,435,000	Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY) 5.00%, 12/01/24		5,248,157
				132,908,277
West Virginia — 0.1%
	5,000,000	West Virginia Commissioner of Highways Improvement Revenue Bonds, Series A 5.00%, 09/01/20		5,155,450

Principal Amount			Value
Wisconsin — 2.0%
$	10,000,000	Public Finance Authority Hospital Revenue Bonds, Series B 1.11%, 10/01/49(a)	$	10,000,000
	9,140,000	State of Wisconsin Advance Refunding GO, Series 3 5.00%, 11/01/28		11,417,779
	5,000,000	State of Wisconsin Advance Refunding GO, Series 3 5.00%, 11/01/31		6,172,150
	4,700,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds 5.00%, 06/01/29		5,476,769
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, Series 1 5.00%, 06/01/23		1,131,450
	1,000,000	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Refunding Revenue Bonds, Series 1 5.00%, 06/01/26		1,131,450
	14,000,000	State of Wisconsin Current Refunding Revenue Bonds, Series A 5.00%, 05/01/29		17,459,540
	1,200,000	State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/27		1,468,452
	3,205,000	State of Wisconsin Public Improvements GO, Series B 5.00%, 05/01/30		3,501,430
	1,900,000	State of Wisconsin Refunding Bonds GO, Series 3 5.00%, 11/01/25		2,110,805
	1,000,000	State of Wisconsin Refunding GO, Series 1 5.00%, 05/01/24		1,129,550
	2,770,000	State of Wisconsin Refunding GO, Series 2 5.00%, 11/01/26		3,432,778
	860,000	State of Wisconsin Refunding Notes GO, Series A 5.00%, 05/01/28		1,026,075
	6,385,000	Wisconsin Department of Transportation Refunding Revenue Bonds, Series 1 5.00%, 07/01/29		7,243,399
				72,701,627
Total Municipal Bonds (Cost $3,447,098,044)				3,534,397,160

Principal Amount			Value
U.S. GOVERNMENT SECURITIES — 2.1%
U.S. Treasury Notes — 2.1%
$	30,000,000	1.88%, 05/31/2022	$	30,269,531
	45,000,000	2.13%, 05/31/2021		45,374,414
Total U.S. Government Securities (Cost $75,337,890)				75,643,945

Shares
INVESTMENT COMPANY — 1.2%
	45,193,292	SEI Daily Income Trust Government II Fund, Class A, 1.68%(d)		45,193,292
Total Investment Company (Cost $45,193,292)				45,193,292

TOTAL INVESTMENTS — 99.9% (Cost $3,567,629,226)			$	3,655,234,397
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				3,609,581
NET ASSETS — 100.0%			$	3,658,843,978

(a)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2019.
(b)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(c)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(d)	The rate shown represents the current yield at October 31, 2019.

The following abbreviations are used in the report:

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligations

GTY — Guaranty

NATL-RE — Insured by National Public Finance Guarantee Corp.

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

Principal Amount			Value
MUNICIPAL BONDS — 97.5%
California — 97.5%
$	1,000,000	Abag Finance Authority for Nonprofit Corps Odd fellows Home CA Refunding Revenue Bonds, Series A 5.00%, 04/01/23	$	1,130,140
	175,000	Alameda County Joint Powers Authority Refunding Revenue Bonds 5.00%, 12/01/20		182,600
	150,000	Allan Hancock Joint Community College District/CA University & College Improvements GO, Series E 5.00%, 08/01/28		196,565
	635,000	Anaheim Housing & Public Improvements Authority Pre-refunding Revenue Bonds 5.00%, 10/01/41(a)		682,765
	250,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.00%, 04/01/38(a)		283,335
	6,000,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.00%, 04/01/43(a)		6,800,040
	24,695,000	Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.25%, 04/01/48(a)		28,194,035
	100,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 5.00%, 04/01/22		109,601
	125,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 5.00%, 04/01/23		141,806
	6,000,000	Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 2.00%, 04/01/53(b)		6,167,160
	110,000	Brentwood Infrastructure Financing Authority Refunding Revenue Bonds 5.00%, 07/01/24		129,826

Principal Amount			Value
California (continued)
$	150,000	Cabrillo Community College District Refunding GO 5.00%, 08/01/23(a)	$	166,358
	100,000	Cabrillo Community College District Refunding GO 5.00%, 08/01/24(a)		110,905
	930,000	Cabrillo Community College District Refunding GO 5.00%, 08/01/27(a)		1,031,417
	500,000	California Educational Facilities Authority Advance Refunding Revenue Bonds 5.00%, 01/01/27		615,270
	1,550,000	California Educational Facilities Authority Refunding Revenue Bonds 5.00%, 10/01/23		1,789,181
	275,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/15/22		308,605
	1,000,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/01/23		1,156,640
	100,000	California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/15/25		123,037
	125,000	California Infrastructure & Economic Development Bank University & College Improvements Revenue Bonds 5.00%, 05/15/23		142,298
	150,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/22		167,382
	250,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/23		288,578
	100,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/23		115,431
	150,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/26		188,697

Principal Amount			Value
California (continued)
$	125,000	California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/27	$	161,074
	100,000	California Municipal Finance Authority Advance Refunding Anaheim Water System Project Revenue Bonds, Series A 5.00%, 10/01/24		119,195
	100,000	California Municipal Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/15/23		114,701
	2,200,000	California Municipal Finance Authority Nursing Homes NCROC-Paradise Valley Estate Revenue Bonds 2.25%, 07/01/25		2,218,458
	405,000	California Municipal Finance Authority Pre-refunding Revenue Bonds 6.35%, 12/01/31(a)		428,243
	415,000	California Municipal Finance Authority Pre-refunding Revenue Bonds 6.80%, 12/01/36(a)		440,759
	160,000	California Municipal Finance Authority Retirement Facilities California Armenian Home Project Revenue Bonds 5.00%, 05/15/22		175,698
	100,000	California Municipal Finance Authority Retirement Facilities Revenue Bonds 5.00%, 04/01/23		113,301
	125,000	California Municipal Finance Authority Retirement Facilities Revenue Bonds 5.00%, 04/01/24		146,273
	645,000	California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds 4.00%, 07/01/23		709,616
	670,000	California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds 4.00%, 07/01/24		754,179
	4,770,000	California State Current Refunding GO 5.00%, 08/01/27		5,679,067

Principal Amount			Value
California (continued)
$	250,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C 5.00%, 11/01/23	$	287,465
	460,000	California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C 5.00%, 11/01/24		544,281
	100,000	California State Public Works Board Correctional Facilities Improvements, Series A 5.00%, 11/01/25		121,423
	200,000	California State Public Works Board Correctional Facilities Improvements, Series C 5.00%, 11/01/27		253,334
	150,000	California State Public Works Board Public Improvements Revenue Bonds, Series G 5.00%, 11/01/22		167,111
	325,000	California State Public Works Board Refunding Revenue Bonds, Series F 5.00%, 05/01/26		388,333
	100,000	California State Public Works Board, Advance Refunding Revenue Bonds 5.00%, 11/01/26		124,077
	250,000	California State University & College Improvements Current Refunding Revenue Bonds, Series A 5.00%, 11/01/23		289,265
	10,000	California State University & College Improvements Pre-refunding Revenue Bonds 5.00%, 11/01/24(a)		10,196
	1,785,000	California State University & College Improvements Revenue Bonds, Series A 5.00%, 11/01/24		2,131,165
	390,000	California State University & College Improvements Unrefunded Revenue Bonds 5.00%, 11/01/24		397,749
	135,000	California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/19		135,000
	1,000,000	California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/24		1,118,470

Principal Amount			Value
California (continued)
$	250,000	California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/25	$	298,348
	120,000	California State University Current Refunding Revenue Bonds, Series C 5.00%, 11/01/21		129,575
	150,000	California Statewide Communities Development Authority 5.00%, 08/15/23		171,873
	150,000	California Statewide Communities Development Authority Advance Refunding Revenue Bonds 5.00%, 08/15/25		182,217
	745,000	California Statewide Communities Development Authority Current Refunding Revenue Bonds 4.00%, 11/15/25		860,944
	100,000	California Statewide Communities Development Authority Nursing Homes Retirement Facilities Revenue Bonds 5.00%, 07/01/28		129,756
	5,000,000	Carlsbad Unified School District School Improvements GO, Series B 6.00%, 05/01/34		6,051,300
	885,000	Chabot-Las Positas Community College District Refunding GO 5.00%, 08/01/25		1,012,767
	3,000,000	City & County of San Francisco CA Current Refunding COP 5.00%, 04/01/25		3,611,220
	1,180,000	City & County of San Francisco CA Current Refunding School Improvements, Series R1 5.00%, 09/01/22		1,311,546
	325,000	City & County of San Francisco CA Public Improvements GO, Series B 5.00%, 06/15/22		358,787
	100,000	City & County of San Francisco CA Refunding COP 5.00%, 04/01/21		105,593
	150,000	City & County of San Francisco CA Refunding COP 5.00%, 04/01/23		170,060
	1,475,000	City & County of San Francisco CA Refunding GO, Series R1 5.00%, 06/15/22		1,599,726

Principal Amount			Value
California (continued)
$	2,500,000	City & County of San Francisco CA Refunding Public Improvements COP 5.00%, 04/01/23	$	2,834,325
	100,000	City of Los Angeles CA Wastewater System Revenue Advance Refunding Revenue Bonds, Subseries A 5.00%, 06/01/24		117,769
	100,000	City of Los Angeles CA Wastewater System Revenue Green Bond, Subseries A 5.00%, 06/01/27		127,772
	2,550,000	City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A 5.00%, 06/01/25		2,908,122
	1,800,000	City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A 5.00%, 06/01/27		2,050,056
	3,645,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C 5.00%, 05/15/23		4,143,928
	1,500,000	City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C 5.00%, 05/15/24		1,760,490
	200,000	City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds 5.00%, 05/15/24		234,732
	100,000	City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds 5.00%, 05/15/25		120,919
	275,000	City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/23		318,310
	150,000	City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/24		179,171
	200,000	City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/25		245,958
	100,000	City of Roseville CA Water Utility Revenue Advance Refunding COP 5.00%, 12/01/23		115,755

Principal Amount			Value
California (continued)
$	150,000	City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds 5.00%, 09/01/25	$	183,963
	165,000	City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds 5.00%, 09/01/26		207,639
	100,000	City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Green Bond, Series D 5.00%, 11/01/26		125,823
	1,900,000	City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds 5.00%, 11/01/28		2,282,527
	200,000	City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A 5.00%, 09/01/20		206,672
	450,000	City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A 5.00%, 09/01/22		500,702
	550,000	Contra Costa Community College District University & College Improvements GO, Series B2 5.00%, 08/01/27		705,975
	330,000	Contra Costa Transportation Authority Advance Refunding Revenue Bonds, Series A 4.00%, 03/01/23		362,548
	275,000	Contra Costa Water District Refunding Revenue Bonds, Series T 5.00%, 10/01/25		326,477
	425,000	County of Marin CA Advance Refunding Public Improvements 5.00%, 11/01/26		520,170
	225,000	County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D 5.00%, 07/01/23		256,091
	225,000	County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D 5.00%, 07/01/26		278,541

Principal Amount			Value
California (continued)
$	1,500,000	County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A 5.00%, 10/01/23	$	1,726,470
	100,000	County of San Diego CA Refunding COP, Series A 5.00%, 10/15/25		119,283
	100,000	Cucamonga Valley Water District Financing Authority Current Refunding Revenue Bonds 5.00%, 09/01/24		118,835
	1,445,000	Desert Community College District Refunding GO 5.00%, 08/01/26		1,805,051
	200,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/22		220,600
	300,000	East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/23		342,471
	225,000	East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 06/01/24		265,095
	150,000	East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 06/01/25		182,156
	115,000	East Bay Municipal Utility District Water System Revenue Pre-refunded Revenue Bonds, Subseries A 5.00%, 06/01/23(a)		117,704
	805,000	Garden Grove Unified School District School Improvements GO, Series C 5.00%, 08/01/30(a)		924,237
	200,000	Los Angeles Community College District/CA Refunding GO, Series A 5.00%, 08/01/25		236,348
	1,100,000	Los Angeles Community College District/CA Refunding GO, Series A 5.00%, 08/01/29		1,292,115
	1,000,000	Los Angeles Community College District/CA University & College Improvements GO, Series 2008-F 5.00%, 08/01/24		1,145,960

Principal Amount			Value
California (continued)
$	850,000	Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Senior Series B 5.00%, 07/01/25	$	971,397
	3,000,000	Los Angeles County Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/23		3,433,110
	100,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23		114,437
	125,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24		147,655
	120,000	Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/25		141,569
	800,000	Los Angeles County Metropolitan Transportation Authority Green Bond, Series A 5.00%, 07/01/23		915,496
	125,000	Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds 5.00%, 07/01/21		133,330
	250,000	Los Angeles County Metropolitan Transportation Authority, Green Bond, Series A 5.00%, 07/01/22		276,558
	275,000	Los Angeles County Metropolitan Transportation Authority, Refunding Revenue Bonds 5.00%, 07/01/24		324,841
	250,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23		285,995
	125,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/27		160,451

Principal Amount			Value
California (continued)
$	2,065,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23	$	2,322,857
	150,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/22		162,522
	450,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/23		505,044
	600,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/24		696,102
	5,000,000	Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 07/01/24		5,906,200
	330,000	Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D 5.00%, 07/01/21		352,103
	1,425,000	Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D 5.00%, 07/01/22		1,575,580
	100,000	Los Angeles Department of Water & Power Power System Revenue Electricity Light & Power Improvements Revenue Bonds, Series C 5.00%, 07/01/22		110,567
	195,000	Los Angeles Department of Water & Power Power System Revenue Unrefunded Revenue Bonds, Series A 5.00%, 07/01/22		207,925
	200,000	Los Angeles Department of Water Current Refunding Revenue Bonds, Series A 5.00%, 07/01/27		253,638
	200,000	Los Angeles Department of Water Water Utility Improvements Current Refunding Revenue Bonds, Series B 5.00%, 07/01/28		261,990

Principal Amount			Value
California (continued)
$	100,000	Los Angeles Department of Water Water Utility Improvements Revenue Bonds Series A 5.00%, 07/01/28	$	129,382
	1,800,000	Los Rios Community College District Refunding GO 5.00%, 08/01/27		1,992,348
	175,000	Marin Community College District Advance Refunding GO 5.00%, 08/01/23		201,030
	275,000	Mount San Antonio Community College District University & College Improvements GO, Series 2018-A 5.00%, 08/01/27		353,928
	1,100,000	Mount San Jacinto Community College District University & College Improvements GO, Series 2014-A 5.00%, 08/01/28		1,335,477
	2,000,000	Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A 5.00%, 11/01/24		2,340,680
	325,000	Nevada County Finance Authority Revenue Bonds 4.00%, 10/01/22		352,872
	450,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/22		496,800
	125,000	Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24		147,031
	210,000	Northern California Transmission Agency California-Oregon Project Advance Refunding Revenue Bonds 5.00%, 05/01/26		260,131
	2,545,000	Novato Sanitary District Repayment Of Bank Loan Revenue Bonds 5.00%, 02/01/29		3,377,495
	160,000	Ohlone Community College District Advance Refunding GO 5.00%, 08/01/24		189,323
	100,000	Orange County Sanitation District Advance Refunding Revenue Bonds 5.00%, 02/01/26		124,057

Principal Amount			Value
California (continued)
$	3,000,000	Orange County Sanitation District Advance Refunding Revenue Bonds, Series A 5.00%, 02/01/34	$	3,501,300
	150,000	Orange County Sanitation District Current Refunding Revenue Bonds, Series A 5.00%, 02/01/27		190,845
	100,000	Orange County Water District Advance Refunding Revenue Bonds, Series A 5.00%, 08/15/27		126,722
	100,000	Otay Water District Financing Authority Current Refunding Revenue Bonds, Series A 5.00%, 09/01/27		128,610
	100,000	Palomar Community College District University & College Improvements GO, Series 2006-D 5.00%, 08/01/22		110,945
	200,000	Placer County Water Agency Current Refunding COP 5.00%, 07/01/22		221,302
	150,000	Placer County Water Agency Current Refunding COP 5.00%, 07/01/28		197,213
	150,000	Regents of the University of California Medical Center Pooled Revenue Advance Refunding Revenue Bonds, Series L 5.00%, 05/15/23		170,868
	1,145,000	Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L 5.00%, 05/15/24		1,347,173
	1,320,000	Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J 5.00%, 05/15/24(a)		1,499,758
	6,150,000	Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J 5.25%, 05/15/27(a)		7,040,643
	1,100,000	Rio Hondo Community College District/CA Current Refunding GO, Series B 5.00%, 08/01/24		1,303,841
	675,000	Rio Hondo Community College District/CA Current Refunding GO, Series B 5.00%, 08/01/25		825,802

Principal Amount			Value
California (continued)
$	870,000	Riverside County Transportation Commission Pre-refunding Refunding Notes Highway Improvements, Series A 5.25%, 06/01/24(a)	$	999,195
	200,000	Sacramento County Sanitation Districts Financing Authority Current Refunding Revenue Bonds 5.00%, 08/01/25		244,058
	3,000,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Series A 5.00%, 08/15/49(b)		3,389,700
	5,250,000	Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series B 5.00%, 08/15/49(b)		6,297,428
	275,000	Saddleback Valley Unified School District Refunding GO 5.00%, 08/01/24		315,466
	1,000,000	San Diego Community College District Advance Refunding GO 5.00%, 08/01/28		1,246,000
	1,030,000	San Diego Community College District Pre-refunded University & College Improvements GO 5.00%, 08/01/24(a)		1,102,615
	100,000	San Diego County Regional Transportation Commission Sales & Use Tax Refunding Revenue Bonds, Series A 5.00%, 04/01/25		117,207
	120,000	San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds 5.00%, 05/01/22		131,972
	150,000	San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds 5.00%, 05/01/23		170,646
	100,000	San Diego County Water Authority Financing Corp. Current Refunding Revenue Bonds, Series A 5.00%, 05/01/24(a)		99,999
	300,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/25		365,151

Principal Amount			Value
California (continued)
$	1,115,000	San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/28	$	1,385,209
	300,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/23		343,548
	1,000,000	San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Subseries A 5.00%, 08/01/31		1,101,710
	175,000	San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/22		195,542
	100,000	San Diego Regional Building Authority County Operation Centre Current Advance Revenue Bonds, Series A 5.00%, 10/15/23		115,579
	1,460,000	San Francisco Bay Area Rapid Transit District Sales Tax Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/28		1,769,243
	1,500,000	San Francisco Bay Area Rapid Transit District Transit Improvements GO 5.00%, 08/01/24		1,777,200
	500,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A 5.00%, 05/01/23		568,450
	3,810,000	San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A 5.00%, 05/01/26		4,738,383
	2,400,000	San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds 5.00%, 05/01/24		2,818,032
	1,095,000	San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series D 5.00%, 05/01/26		1,159,298

Principal Amount			Value
California (continued)
$	7,000,000	San Francisco City & County Public Utilities Commission Wastewater Revenue Green Bond, Series C 2.13%, 10/01/48(b)	$	7,203,910
	200,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/23		226,112
	1,290,000	San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/28		1,455,249
	175,000	San Francisco Municipal Transportation Agency, Transit Improvements Revenue Bonds 5.00%, 03/01/26		216,967
	100,000	San Francisco Municipal Transportation Agency, Transit Improvements Revenue Bonds 5.00%, 03/01/27		127,089
	1,165,000	San Joaquin County Transportation Authority Refunding Revenue Bonds, Series A 5.50%, 03/01/41(a)		1,233,653
	830,000	San Jose Evergreen Community College District Advance Refunding GO 5.00%, 09/01/24		987,202
	785,000	San Mateo County Community College District Refunding GO 5.00%, 09/01/24		873,674
	100,000	San Mateo Joint Powers Financing Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/15/24		118,165
	100,000	San Mateo Joint Powers Financing Authority Public Facilities Health Improvements Capital Project Refunding Bonds, Series A 5.00%, 07/15/27		127,970
	100,000	San Mateo Joint Powers Financing Authority Public Improvements Capital Project Revenue Bonds, Series A 5.00%, 07/15/25		121,747
	705,000	San Mateo Joint Powers Financing Authority Refunding Revenue Bonds 5.00%, 06/15/22		778,292

Principal
Amount			Value
California (continued)
$	1,000,000	San Mateo Union High School District Refunding GO 5.00%, 09/01/27	$	1,190,550
	275,000	San Mateo Union High School District Refunding GO, Series C 5.00%, 09/01/24		326,942
	125,000	San Rafael Joint Powers Financing Authority Green Bonds Public Facilities 5.00%, 06/01/23		142,696
	1,000,000	San Ramon Valley Unified School District/CA School Improvements GO 5.00%, 08/01/24		1,182,760
	750,000	San Ramon Valley Unified School District/CA School Improvements GO 5.00%, 08/01/25		913,815
	100,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/22		109,627
	125,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/26		155,045
	300,000	Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/27		380,331
	250,000	Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/22		276,418
	100,000	Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/25		118,073
	350,000	Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/23		400,393
	245,000	Santa Clara Unified School District School Improvements GO 5.00%, 07/01/27		305,924
	175,000	Santa Clara Valley Water District Current Refunding COP, Series A 5.00%, 02/01/23		197,531
	1,540,000	Santa Clarita Community College District Refunding GO 5.00%, 08/01/24		1,764,778

Principal Amount			Value
California (continued)
$	100,000	Santa Clarita Community College District University & College Improvements GO 5.00%, 08/01/26	$	124,549
	150,000	Santa Monica Public Financing Authority Current Refunding Revenue Bonds 5.00%, 07/01/25		182,876
	100,000	Southern California Public Power Authority Advance Refunding Revenue Bonds, Series C 5.00%, 07/01/25		119,717
	225,000	Southern California Public Power Authority Electricity Light & Power Improvements Mead-Pheonix Project Revenue Bonds 5.00%, 07/01/26		276,320
	100,000	State of California (Other Revenue LOC) Advance Refunding GO 5.00%, 09/01/22		110,911
	125,000	State of California Advance Refunding GO 5.00%, 11/01/23		143,996
	325,000	State of California Advance Refunding GO 5.00%, 09/01/25		394,479
	1,155,000	State of California Advance Refunding GO 5.00%, 08/01/26		1,430,953
	200,000	State of California Advance Refunding GO 5.00%, 09/01/26		248,262
	1,000,000	State of California Advance Refunding GO 5.00%, 08/01/27		1,264,140
	1,345,000	State of California Advance Refunding GO, Series B 5.00%, 09/01/23		1,541,168
	125,000	State of California Current Refunding GO 5.00%, 02/01/22		135,900
	3,310,000	State of California Current Refunding GO 5.00%, 08/01/24		3,898,121
	4,855,000	State of California Current Refunding GO 5.00%, 11/01/24		5,590,775
	2,000,000	State of California Current Refunding GO 5.00%, 10/01/25		2,433,180
	1,000,000	State of California Current Refunding GO 5.00%, 10/01/25		1,181,940

Principal
Amount			Value
California (continued)
$	2,355,000	State of California Current Refunding GO 5.00%, 08/01/26	$	2,917,657
	6,065,000	State of California Current Refunding GO 5.00%, 10/01/26		7,165,252
	6,000,000	State of California Current Refunding GO 5.00%, 04/01/27		7,529,280
	200,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/21		216,522
	1,000,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/25		1,231,820
	100,000	State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/27		129,360
	150,000	State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds 5.00%, 12/01/22		168,203
	100,000	State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds 5.00%, 12/01/24		119,639
	1,300,000	State of California Department of Water Resources Power Supply Revenue Advance Refunding Revenue Bonds, Series O 5.00%, 05/01/22		1,426,997
	100,000	State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N 5.00%, 05/01/21		105,953
	150,000	State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N 5.00%, 05/01/20		152,958
	8,880,000	State of California Department of Water Resources Pre-refunded Water Utility Improvements Refunding Revenue Bonds, Series AQ 4.00%, 12/01/30(a)		9,842,947

Principal Amount			Value
California (continued)
$	300,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AS 5.00%, 12/01/25	$	358,758
	125,000	State of California Department of Water Resources Refunding Revenue Bonds, Series AV 5.00%, 12/01/27		155,321
	5,000,000	State of California Department of Water Resources Refunding Revenue Bonds, Series BA 5.00%, 12/01/23		5,798,650
	1,000,000	State of California Multi Utility Improvements GO 5.00%, 10/01/25		1,216,590
	15,000,000	State of California Multi Utility Improvements GO 5.00%, 10/01/26		18,655,350
	1,500,000	State of California Refunding GO 5.00%, 04/01/24		1,748,925
	5,000,000	State of California Refunding GO 5.00%, 10/01/27		6,343,550
	3,000,000	State of California Refunding GO 5.00%, 04/01/28		3,838,890
	100,000	State of California Water Utility Improvements GO 6.00%, 11/01/39		99,999
	150,000	State of California Water Utility Improvements GO, OID 5.50%, 11/01/39		150,489
	550,000	Turlock Irrigation District Revenue Bonds 5.00%, 01/01/25		657,839
	13,915,000	University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AK 5.00%, 05/15/48(b)		15,840,558
	1,955,000	University of California Advance Refunding Revenue Bonds, Series AY 5.00%, 05/15/24		2,301,133
	995,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/24(a)		1,130,499
	1,270,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/26(a)		1,442,949
	3,235,000	University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/30(a)		3,675,542

Principal Amount			Value
California (continued)
$	465,000	University of California Current Refunding Revenue Bonds, Series AF 5.00%, 05/15/20	$	474,942
	1,000,000	University of California Current Revenue Bonds, Series I 5.00%, 05/15/23		1,138,750
	1,575,000	University of California Pre-refunded Limited Project Current Refunding Revenue Bonds, Series G 5.00%, 05/15/30(a)		1,731,618
	200,000	University of California University & College Improvements Refunding Revenue Bonds, Series BB 5.00%, 05/15/25		242,676
	100,000	University of California University & College Improvements Revenue Bonds, Series AM 5.00%, 05/15/26		117,657
	275,000	University of California University & College Improvements Unrefunded Revenue Bonds, Series S 5.00%, 05/15/20		275,831
	130,000	University of California Unrefunded Limited Project Current Refunding Revenue Bonds, Series G 5.00%, 05/15/23		143,098
	125,000	Ventura County Community College District Advance Refunding GO 5.00%, 08/01/24		148,164
	425,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds 5.00%, 11/01/24		506,736
	460,000	Ventura County Public Financing Authority Advance Refunding Revenue Bonds 5.00%, 11/01/26		580,198
	100,000	Walnut Energy Center Authority Current Refunding Revenue Bonds 5.00%, 01/01/23		112,187
	250,000	West Valley-Mission Community College District Current Refunding GO, Series A 5.00%, 08/01/27		321,538
	100,000	William S Hart Union High School District Advance Refunding GO 5.00%, 08/01/24		118,225

Principal
Amount			Value
California (continued)
$	125,000	Yosemite Community College District Current Refunding GO 5.00%, 08/01/25	$	152,225
Total Municipal Bonds (Cost $324,143,085)				331,028,826
U.S. GOVERNMENT SECURITIES — 0.1%
U.S. Treasury Notes — 0.1%
	410,000	2.25%, 01/31/2024		422,076
Total U.S. Government Securities (Cost $417,106)				422,076

Shares
INVESTMENT COMPANY — 1.8%
	6,059,722	SEI Daily Income Trust Government II Fund, Class A, 1.68%(c)		6,059,722
Total Investment Company (Cost $6,059,722)				6,059,722

TOTAL INVESTMENTS — 99.4% (Cost $330,619,913)			$	337,510,624
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				2,049,810
NET ASSETS — 100.0%			$	339,560,434

(a)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(b)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2019.
(c)	The rate shown represents the current yield as of October 31, 2019.

The following abbreviations are used in the report:

COP — Certificates of Participation

GO — General Obligations

OID — Original Issue Discount

Principal Amount			Value
MUNICIPAL BONDS — 95.1%
New York — 95.1%
$	2,000,000	Battery Park City Authority Current Refunding Revenue Bonds, Series A 5.00%, 11/01/25	$	2,301,400
	100,000	Build NYC Resource Corp. Refunding Revenue Bonds, Series A 5.00%, 06/01/24		117,231
	1,110,000	City of New York Public Improvements GO, Series 2018-1 5.00%, 08/01/25		1,336,651
	225,000	City of New York Advance Refunding GO, Series 2015-A 5.00%, 08/01/24		263,729
	2,520,000	City of New York Advance Refunding GO, Series A 5.00%, 08/01/26		3,101,944
	350,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		386,201
	150,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/22		165,515
	875,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/23		996,135
	200,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/23		227,688
	10,000,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/24		11,721,300
	5,000,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/25		6,020,950
	1,515,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/27		1,785,564
	100,000	City of New York Advance Refunding GO, Series C 5.00%, 08/01/28		123,455
	125,000	City of New York Advance Refunding GO, Series D 5.00%, 08/01/24		146,516
	100,000	City of New York Advance Refunding GO, Series E 5.00%, 08/01/24		117,213
	4,500,000	City of New York Current Refunding GO, Series 2019-A 5.00%, 08/01/25		5,418,855
	4,250,000	City of New York Current Refunding GO, Series E 5.00%, 08/01/24		4,981,553

Principal Amount			Value
New York (continued)
$	225,000	City of New York Public Improvements GO, Series 1 5.00%, 08/01/21	$	239,850
	255,000	City of New York Public Improvements GO, Series 1 5.00%, 08/01/23		290,302
	1,000,000	City of New York Public Improvements GO, Sub-Series D-3 5.00%, 08/01/38(a)(b)		1,129,960
	200,000	City of New York Public Improvements GO, Sub-Series F-1 5.00%, 04/01/23		225,310
	100,000	City of New York Public Improvements GO, Sub-Series F-1 5.00%, 03/01/24		112,425
	4,775,000	City of New York Public Improvements GO, Sub-Series F-1 5.00%, 03/01/28		5,336,779
	100,000	City of New York Public Improvements GO, Sub-Series F-3 5.00%, 12/01/23(a)		115,021
	1,500,000	City of New York Public Improvements GO, Sub-Series H-A 5.00%, 01/01/25(a)		1,777,545
	1,325,000	City of New York Public Improvements GO, Sub-Series I-1 5.00%, 03/01/25		1,531,859
	3,000,000	City of New York Public Improvements GO, Sub-Series I-1 5.00%, 03/01/26		3,465,600
	200,000	City of New York Public Improvements GO, Sub-Series F-3 5.00%, 12/01/25(a)		242,950
	275,000	City of New York Refunding Cash Flow Management GO Notes, Series 1 5.00%, 08/01/22(a)		303,443
	1,100,000	City of New York Refunding GO, Series B 5.00%, 08/01/21		1,172,600
	300,000	City of New York Refunding GO, Series B 5.00%, 08/01/25		361,257
	400,000	City of New York Refunding GO, Series C 5.00%, 08/01/27		484,460

Old Westbury Funds, Inc.
New York Municipal Bond Fund
Portfolio of Investments - (Continued)	*October 31, 2019*

Principal Amount			Value
New York (continued)
$	200,000	City of New York Refunding GO, Series D 5.00%, 08/01/22	$	220,686
	1,500,000	City of New York Refunding GO, Series F 5.00%, 08/01/22		1,628,010
	100,000	City of New York Refunding GO, Series F 5.00%, 08/01/29		107,849
	17,910,000	City of New York Refunding GO, Series F 5.00%, 08/01/30		19,306,085
	1,035,000	City of New York Refunding GO, Series H 5.00%, 08/01/22		1,142,050
	150,000	City of New York Refunding GO, Series J 5.00%, 08/01/22		165,515
	325,000	City of New York Refunding GO, Series J 5.00%, 08/01/24		380,942
	100,000	City of New York Refunding GO, Sub-Series H-3 5.00%, 08/01/23(a)		113,843
	350,000	County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/21		373,205
	350,000	County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/22		386,302
	100,000	County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/23		114,049
	110,000	County of Westchester NY Sewer Improvements GO, Series C 5.00%, 07/01/22		121,409
	375,000	Erie County Fiscal Stability Authority Advance Refunding Revenue Bonds 5.00%, 09/01/22		416,363
	150,000	Erie County Fiscal Stability Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/22		163,922
	300,000	Erie County Industrial Development Agency (The) City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/23		340,407

Principal Amount			Value
New York (continued)
$	125,000	Erie County Industrial Development Agency (The) City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/24	$	146,413
	100,000	Erie County Industrial Development Agency (The) Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/21		105,845
	100,000	Erie County Industrial Development Agency (The) School Improvements City School District of the City of Buffalo Project Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/22		105,719
	500,000	Long Island Power Authority Electric System General Revenue Bonds 5.00%, 09/01/25		600,960
	4,000,000	Long Island Power Authority Electric System General Revenue Bonds, Series B 5.00%, 09/01/27		4,906,680
	4,000,000	Long Island Power Authority Refunding Revenue Bonds, Series B 5.00%, 09/01/25		4,419,720
	2,000,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/26		2,479,200
	900,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B 5.00%, 11/15/25		1,082,250
	125,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series D 5.00%, 11/15/24		146,799
	100,000	Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series F 5.00%, 11/15/23		114,315
	700,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/23		774,662
	2,225,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/28		2,450,192

Principal Amount			Value
New York (continued)
$	1,500,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30	$	1,649,700
	1,000,000	Metropolitan Transportation Authority Current Refunding Revenue Bonds, Sub-Series C-1 5.00%, 11/15/27		1,194,360
	370,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds 5.00%, 11/15/26		454,482
	3,500,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds 5.00%, 11/15/48(b)		4,086,250
	150,000	Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Series A2 5.00%, 11/15/25		180,471
	2,570,000	Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/23		2,956,477
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/27		316,710
	3,000,000	Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/28		3,807,930
	250,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1 5.00%, 11/15/23		285,790
	375,000	Metropolitan Transportation Authority Green Bond Revenue Bonds, Sub-Series B-2 5.00%, 11/15/26		464,850
	150,000	Metropolitan Transportation Authority Prerefunded Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/25(c)		178,958
	1,600,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 11/15/25		1,782,272
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 11/15/29		2,776,900

Principal Amount			Value
New York (continued)
$	525,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(b)	$	580,997
	2,500,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1 5.00%, 11/15/29(a)		2,865,300
	100,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 11/01/23(a)		110,503
	8,000,000	Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 11/01/27(a)		8,807,840
	150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series B 5.00%, 11/15/20		155,678
	100,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/22		111,043
	150,000	Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1 5.00%, 11/15/25		178,046
	375,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/22		416,415
	600,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/23		685,896
	100,000	Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/26		122,833
	100,000	Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/24		116,843
	300,000	Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/24		357,108

Principal Amount			Value
New York (continued)
$	2,500,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds 1.75%, 05/01/59(b)	$	2,508,975
	2,000,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series G 2.00%, 11/01/57(b)		2,008,800
	3,000,000	New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series L 2.75%, 05/01/50(b)		3,117,510
	250,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/23		284,415
	100,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/25		120,403
	1,035,000	New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/26		1,274,447
	300,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding) 5.00%, 07/15/23		341,298
	100,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding) 5.00%, 07/15/24		117,217
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/21		2,135,320

Principal Amount			Value
New York (continued)
$	150,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/25	$	178,163
	125,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/26		152,158
	8,000,000	New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/28		8,798,720
	1,075,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-2A, (State Aid Withholding) 5.00%, 07/15/25		1,294,332
	125,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding) 5.00%, 07/15/23		142,208
	250,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding) 5.00%, 07/15/24		293,043
	100,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/23		113,765
	525,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/24		615,389
	2,000,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/25		2,408,060

Principal Amount			Value
New York (continued)
$	150,000	New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/27	$	188,469
	1,000,000	New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series- S1, (State Aid Withholding) 5.00%, 07/15/22		1,101,840
	330,000	New York City Transitional Finance Authority Building Aid Revenue Unrefunded Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/22		363,607
	100,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/19		99,999
	475,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/23		546,583
	250,000	New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/24		296,473
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/23		114,159
	4,375,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/24		5,150,119
	3,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 02/01/30		3,682,110
	1,000,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series A-1 5.00%, 08/01/21		1,066,720

Principal Amount			Value
New York (continued)
$	225,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 08/01/26	$	278,757
	300,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series E-1 5.00%, 02/01/22		325,743
	150,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series F-1 5.00%, 05/01/23		169,872
	200,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI 5.00%, 08/01/25		234,224
	190,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI 5.00%, 08/01/29		221,190
	2,650,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series I 5.00%, 05/01/26		2,991,347
	100,000	New York City Transitional Finance Authority Future Tax Secured Public Improvements Unrefunded Revenue Bonds 5.00%, 11/01/25		116,271
	150,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21		161,432
	5,000,000	New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series C 5.00%, 11/01/23		5,753,500
	400,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds 5.00%, 11/01/22		445,380
	600,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1 5.00%, 05/01/23		679,488

Principal Amount			Value
New York (continued)
$	300,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C- 1 5.00%, 05/01/24	$	350,529
	350,000	New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 08/01/23		399,560
	200,000	New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24		234,934
	1,825,000	New York City Water & Sewer System Current Refunding Revenue Bonds, Series AA 5.00%, 06/15/26		2,262,124
	7,500,000	New York City Water & Sewer System Refunding Revenue Bonds 5.00%, 06/15/28		8,990,775
	2,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series DD-2 5.00%, 06/15/25		2,310,080
	150,000	New York City Water & Sewer System Refunding Revenue Bonds, Series FF 5.00%, 06/15/25		181,269
	125,000	New York City Water & Sewer System Refunding Revenue Bonds, Series GG 5.00%, 06/15/25		151,058
	2,000,000	New York City Water & Sewer System Refunding Revenue Bonds, Series GG 5.00%, 06/15/27		2,406,320
	1,040,000	New York City Water & Sewer System Refunding Revenue Bonds, Series HH 5.00%, 06/15/31		1,100,642
	450,000	New York City Water & Sewer System Refunding Revenue Bonds, Sub-Series BB-2 5.00%, 06/15/29		563,675
	4,750,000	New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2 5.00%, 06/15/25		5,486,440
	390,000	New York State Dormitory Authority Advance Refunding Revenue Bonds 5.00%, 07/01/23		443,738

Principal Amount			Value
New York (continued)
$	255,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22	$	278,044
	150,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/22		165,143
	625,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/23		702,531
	500,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24		588,625
	6,170,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/25		7,361,304
	1,000,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/26		1,244,460
	360,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/28		446,353
	4,715,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/29		5,821,422
	1,600,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/29		1,899,584
	100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/24		116,009
	1,300,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/26		1,591,564
	6,775,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/27		8,350,797
	600,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/28		736,704
	525,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24		610,591

Principal Amount			Value
New York (continued)
$	100,000	New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/25	$	119,589
	650,000	New York State Dormitory Authority Green Bond Revenue Bonds 5.00%, 07/01/24		765,213
	100,000	New York State Dormitory Authority Master BOCES Program Advance Refunding Revenue Bonds, (State Appropriation) 5.00%, 08/15/27		127,197
	650,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series B 5.00%, 02/15/23		730,633
	3,765,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E 5.00%, 02/15/26		4,468,151
	1,455,000	New York State Dormitory Authority Public Improvement Revenue Bonds, Series E 5.00%, 02/15/30		1,707,050
	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-A 5.00%, 03/15/24		145,495
	150,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B 5.00%, 03/15/26		181,410
	10,335,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B 5.00%, 03/15/29		12,389,391
	675,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/23		761,508
	2,100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/24		2,444,316
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/26		122,811

Principal Amount			Value
New York (continued)
$	230,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/27	$	284,045
	350,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/25		417,578
	100,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/26		122,427
	125,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/27		156,530
	5,000,000	New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/28		5,899,550
	100,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/23		112,063
	200,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/25		237,818
	3,275,000	New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/27		4,090,148
	125,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/22		139,744
	3,000,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/24		3,400,680
	150,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/24		167,543
	1,025,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26		1,185,320

Principal Amount			Value
New York (continued)
$	1,600,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/26	$	1,808,176
	5,500,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/29		6,539,665
	4,765,000	New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/29		5,300,586
	350,000	New York State Dormitory Authority Refunding Revenue Bonds, Series C 5.00%, 03/15/25		406,231
	400,000	New York State Dormitory Authority Refunding Revenue Bonds, Series E 5.00%, 02/15/24		464,040
	3,000,000	New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/28		3,841,290
	350,000	New York State Dormitory Authority School Improvements Bidding Group 1 Revenue Bonds, Series C 5.00%, 03/15/23		394,856
	7,295,000	New York State Dormitory Authority School Improvements Bidding Group 2 Revenue Bonds, Series C 5.00%, 03/15/25		8,732,480
	625,000	New York State Dormitory Authority School Improvements Bidding Group 2 Unrefunded Refunding Revenue Bonds 5.00%, 03/15/24		727,475
	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/24		145,495
	8,770,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/25		10,488,043
	3,000,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/27		3,763,800

Principal Amount			Value
New York (continued)
$	125,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/27	$	157,025
	100,000	New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series E 5.00%, 03/15/23		112,815
	2,500,000	New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A 5.00%, 02/15/28		3,069,600
	9,420,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 03/15/23		10,617,282
	1,305,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 03/15/24		1,517,754
	425,000	New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 02/15/26		520,319
	355,000	New York State Dormitory Authority Third Generation Resolution State Universal Refunding Revenue Bonds 5.00%, 05/15/24		388,892
	150,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/22		165,350
	140,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/24		164,605
	2,525,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/25		3,056,740
	100,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/25		121,059

Principal Amount			Value
New York (continued)
$	1,025,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 03/15/26	$	1,189,205
	1,750,000	New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/26		2,174,008
	200,000	New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A 5.00%, 07/01/22		220,244
	145,000	New York State Dormitory Authority Unrefunded Refunding Revenue Bonds 5.00%, 07/01/21		148,698
	150,000	New York State Dormitory Authority Unrefunded Refunding Revenue Bonds 5.00%, 08/15/23		154,640
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds 5.00%, 03/15/23		112,883
	100,000	New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series C 5.00%, 02/15/27		125,440
	175,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/22		192,666
	100,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/22		110,095
	475,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/27		538,783
	6,250,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/28		7,289,563
	100,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A 5.00%, 06/15/22		110,095
	275,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A 5.00%, 06/15/24		322,900

Principal Amount			Value
New York (continued)
$	125,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A 5.00%, 06/15/21	$	132,838
	1,485,000	New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A 5.00%, 06/15/24		1,632,490
	3,000,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/23		3,414,270
	985,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/24		1,156,567
	550,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/24		645,799
	4,240,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/27		5,358,978
	100,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/23		113,809
	605,000	New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/24		710,379
	100,000	New York State Housing Finance Agency Refunding Revenue Bonds, Series A 5.00%, 09/15/20		103,449
	100,000	New York State Thruway Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22		109,111
	375,000	New York State Thruway Authority Current Refunding Revenue Bonds, Series L 5.00%, 01/01/26		455,696
	150,000	New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A 5.00%, 04/01/23		163,875

Principal Amount			Value
New York (continued)
$	150,000	New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A-1 5.00%, 04/01/20	$	152,351
	895,000	New York State Thruway Authority Refunding Revenue Bonds, Series I 5.00%, 01/01/28(c)		970,842
	2,000,000	New York State Thruway Authority Refunding Revenue Bonds, Series J 5.00%, 01/01/27		2,299,180
	375,000	New York State Thruway Authority Refunding Revenue Bonds, Series K 5.00%, 01/01/24		431,753
	300,000	New York State Thruway Authority Refunding Revenue Bonds, Series K 5.00%, 01/01/26		355,749
	250,000	New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/23		279,310
	125,000	New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/24		143,918
	200,000	New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/25		236,896
	100,000	New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/27		124,240
	300,000	New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24		349,050
	425,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22		463,514
	100,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23		112,745

Principal Amount			Value
New York (continued)
$	1,050,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/26	$	1,288,077
	1,920,000	New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/28		2,335,181
	200,000	New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/23		225,490
	225,000	New York State Urban Development Corp. Personal Income Tax Refunding Revenue Bonds, Series A 5.00%, 03/15/24		261,788
	500,000	New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22		545,310
	150,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/22		163,593
	200,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/24		232,700
	15,000,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/26		17,354,550
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/26		122,673
	100,000	New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/27		125,460

Principal Amount			Value
New York (continued)
$	150,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A 5.00%, 03/15/23	$	157,823
	400,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A 4.00%, 03/15/24		415,684
	175,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/23		197,304
	5,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/26		5,621,250
	3,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/28		3,362,190
	2,000,000	New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/29		2,239,360
	1,190,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 09/01/25		1,442,161
	2,085,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/26		2,497,434
	175,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 12/15/26		204,451
	2,250,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 09/01/34		2,600,213
	100,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 175 5.00%, 12/01/22		111,747

Principal Amount			Value
New York (continued)
$	150,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/24	$	175,121
	375,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/25		450,720
	125,000	Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 205 5.00%, 11/15/22		139,479
	2,885,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/25		3,325,828
	800,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/27		920,176
	5,000,000	Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28		5,751,100
	300,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/22		331,050
	100,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/23		113,959
	325,000	Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/24		381,752
	300,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 4.00%, 10/15/22		326,151
	650,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/22		725,491
	125,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/23		144,264
	475,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/24		565,336
	5,150,000	Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/30		6,053,259

Principal Amount			Value
New York (continued)
$	425,000	State of New York Green GO, Series A 5.00%, 02/15/22	$	463,089
	100,000	State of New York Green GO, Series A 5.00%, 02/15/26		123,153
	250,000	State of New York Public Improvements GO, Series A 5.00%, 03/01/24		281,325
	400,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 4.00%, 05/01/22		429,772
	150,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 05/01/23		158,463
	500,000	Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 05/01/26		623,255
	375,000	Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/24		445,819
	3,715,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/25		4,202,780
	475,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/26		537,016
	1,050,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/27		1,185,534
	1,575,000	Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/29		1,773,072
	100,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/25		122,251

Principal Amount			Value
New York (continued)
$	265,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B 5.00%, 11/15/23	$	305,640
	435,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B 5.00%, 11/15/27		526,781
	6,340,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/29		7,165,405
	1,500,000	Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/30		1,693,620
	250,000	Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels Advance Refunding Revenue Bonds 5.00%, 11/15/23		288,340
	125,000	Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/25(c)		150,939
	250,000	Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/27(c)		284,790
	175,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/19		175,212
	150,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/20		156,137
	1,000,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/22		1,116,460
	150,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/24		178,328
	100,000	Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/24		111,583

Principal Amount			Value
New York (continued)
$	1,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds 5.00%, 06/15/25	$	1,986,985
	100,000	Utility Debt Securitization Authority Refunding Revenue Bonds 5.00%, 12/15/26		118,573
	1,500,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series A 5.00%, 06/15/26		1,753,170
	1,080,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/28		1,244,160
	8,720,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/29		10,041,603
	2,750,000	Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/30		3,163,215
Total Municipal Bonds (Cost $464,277,053)				474,644,498

Shares
INVESTMENT COMPANY — 3.8%
	18,734,676	SEI Daily Income Trust Government II Fund, Class A, 1.68%(d)		18,734,676


Shares	Value
Total Investment Company (Cost $18,734,676)	$	18,734,676

TOTAL INVESTMENTS — 98.9% (Cost $483,011,729)	$	493,379,174
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%		5,472,839
NET ASSETS — 100.0%	$	498,852,013

(a)	These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(b)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2019.
(c)	These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(d)	The rate shown represents the current yield as of October 31, 2019.

The following abbreviation is used in the report:

GO — General Obligations.

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of October 31, 2019, the Corporation consisted of nine separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

The Corporation has authorized a total of 24 billion shares of common stock (par value $0.001 per share).

Under the Corporation’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties for the Corporation. In addition, in the normal course of business, the Corporation enters into contracts with vendors and others that provide for general indemnifications. The Corporation’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation. However, based on experience, the Corporation expects the risk of loss to be remote.

The consolidated financial statements of the Multi-Asset Opportunities Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Multi-Asset Opportunities Fund Ltd. (formerly OWF Strategic Opportunities Fund Ltd.) (the “Subsidiary”). All material intercompany accounts and transactions have been eliminated. The Subsidiary commenced operations on May 1, 2015. The Multi-Asset Opportunities Fund commenced reporting on a consolidated basis as of such commencement date. The Subsidiary is a commodity pool, as defined in the regulations of the Commodity Futures Trade Commission (the “CFTC”), and is operated by Bessemer Investment Management LLC (“BIM” or the “Adviser”), a commodity pool operator registered with the CFTC effective January 1, 2013. The Multi-Asset Opportunities Fund seeks to gain exposure to commodities through direct investments in commodities-related instruments, derivatives and other investments and through investments in the Subsidiary. The Subsidiary has the same investment goal as the Multi-Asset Opportunities Fund. The Subsidiary pursues its investment goal by investing in commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Multi-Asset Opportunities Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Multi-Asset Opportunities Fund. The portion of the Multi-Asset Opportunities Fund’s or Subsidiary’s

assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time, some exposure could be substantial. To the extent of the Multi-Asset Opportunities Fund’s investment through the Subsidiary, it will be subject to the risks associated with the derivatives and other instruments in which the Subsidiary invests. As of October 31, 2019, the Subsidiary represented $212,663,268 or 4.01% of the Multi-Asset Opportunities Fund’s net assets.

The following is a summary of the significant accounting policies followed by the Corporation in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants such as the Corporation.

The Corporation qualifies as an investment company and follows accounting and reporting guidance as defined by the FASB in ASC 946, Financial Services - Investment Companies.

A. Valuation of Investments. Readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

Readily marketable equity securities traded in the over-the-counter market (“OTC”), including listed securities whose primary market is believed by BIM, or a sub-adviser, as applicable, to be over-the-counter, are valued at the mean of the latest bid and asked prices using a broker-dealer or an approved pricing service.

Shares of open-end investment companies are valued at the latest net asset value (“NAV”) reported by the investment company. Shares of investment companies that are traded intra-day on an exchange, such as exchange traded funds and closed-end funds, will be valued at the last sale price as reflected at the close of the regular trading session of such exchange.

Debt instruments are valued on the basis of prices obtained from a broker-dealer or an approved pricing service.

Foreign securities generally are valued in their national currency at the latest available quoted sale price as of the close of trading on the foreign exchange or other principal market on which the security is traded. In the absence of current trade activity, the securities will be valued at the mean of the latest bid/ask quotations. As described below, this value is then converted into its U.S. dollar equivalent using the daily rate of exchange at the time of a Fund’s NAV calculation (normally 4:00 p.m. Eastern Time).

Forward currency contracts are valued at the mean between the bid and the asked prices. Quotations are available for regularly scheduled settlement dates such as on a 1-,2-,3-,4-,5-,6-,9-, and 12-month basis. Over-the-counter derivatives, such as swaps and non-exchange traded options and futures are valued on the basis of counterparty valuation quotations or dealer quotations, subject to review by BIM, or a sub-adviser with BIM’s oversight where appropriate. An approved pricing service may also be used to price these instruments. Exchange-traded swaps, options and futures contracts and options thereon are valued at their last sale or settlement price as of the close of such exchanges or, if no sales are reported, at the mean between the last reported bid and asked prices. Repurchase agreements are valued at the original cost. Contracts for long puts and calls are valued at the bid price and short puts and calls are valued at the offering price of a broker-dealer or an exchange. Generally, options, rights/warrants and other “when-issued” securities follow the same pricing methods as equity securities.

Securities and other investments for which market quotations are not readily available are valued under the general supervision and responsibility of the Board and pursuant to policies and procedures established by the Board, which are designed to

reflect, in good faith, the fair value of such investments. A market quotation is considered not readily available if, among other circumstances, the most recent reported price is deemed unreliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Funds’ Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or other investment’s fair value.

In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, it may value those securities higher or lower than another fund that uses market quotations to price the same securities.

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing Service Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 60 days during the year ended October 31, 2019. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of October 31, 2019, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined Level.

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. The Funds’ Pricing Committee established by the Board (the “Pricing Committee”) reviews pricing methodologies on at least a quarterly basis. The Pricing Committee is responsible for (i) establishing valuation processes and (ii) determining the fair value of the Funds’ holdings for which price quotations are not readily available, unreliable or for which an approved valuation method is deemed not to represent fair value. These investments are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased or sold, the type of investment, financial statements and company filings, lack of marketability, the cost at date of purchase, good faith recommendation of BIM or a sub-adviser, as applicable, and any other relevant matters. When the fair valuation of investments use significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy.

The significant unobservable inputs used in fair value measurement of the Funds’ Level 3 investments may include, where applicable: (i) an estimation of a normalized earnings level or projected cash flows for the company; (ii) the discounts applied to the last available price of the investment or a selection of comparable investments due to the lack of marketability of the investment; (iii) values or bid offers by dealers or other third parties; and (iv) the value associated with the latest round of

financing. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.

The Funds’ Pricing Committee employs various methods for calibrating the valuation approach related to investments categorized within Level 3 in the fair value hierarchy. These methods may include regular due diligence of the Funds’ pricing vendors including back testing of trigger related fair value prices, a regular review of key inputs and assumptions, reviews of missing and stale prices and price variance analysis, including investigation of unusual or unexpected pricing changes and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reviewed and approved by the Funds’ Board.

B. Security Transactions and Related Investment Income. Security transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Realized gains and losses on security transactions are determined using the identified cost method for maximum tax benefit to shareholders. Dividend income and other distributions from portfolio securities are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Funds are informed of the dividends. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis and includes where applicable, the amortization of premiums and accretion of discounts.

C. Payment-In-Kind Securities. The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

For the year ended October 31, 2019, there were no in-kind payments received by the Funds with respect to PIK securities.

D. Foreign Currency Transactions. The books and records of the Funds are maintained in U.S. dollars. Investments and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates as of the date of the Statements of Assets and Liabilities. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, written options and structured options and foreign currency transactions in the Statements of Operations.

Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.

E. Securities Sold. The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker. Short sales by a Fund involve certain risks and special considerations.

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. To mitigate leverage risk, a Fund will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily. The Funds had no short sales outstanding at October 31, 2019.

F. Collectibles. The Multi-Asset Opportunities Fund may invest in collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have representative market valuations available. The Multi-Asset Opportunities Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of October 31, 2019, the Multi-Asset Opportunities Fund held no collectibles.

G. Commodities. In order to gain exposure to the commodities markets, the Multi-Asset Opportunities Fund, directly or through its Subsidiary, may invest in commodities-related instruments, derivatives and other investments. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Multi-Asset Opportunities Fund and its Subsidiary’s investments to greater volatility than investments in traditional securities.

H. Inflation-Protected Securities. The Funds may invest in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide protection against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

I. When-Issued and Delayed Delivery Securities. The Funds may purchase or sell securities that they are entitled to receive on a when-issued basis. The Funds may also purchase or sell securities on a delayed delivery basis. When-issued and delayed delivery securities involve risk that the security a Fund buys will lose value prior to its delivery. There is also a risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, a Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

J. Loan Participations and Assignments. The Multi-Asset Opportunities Fund and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally the London InterBank Offered Rate, the Certificate of Deposit Rate of a designated U.S. bank, the prime rate of a designated U.S. bank, the Federal Funds rate, or another base lending rate used by commercial lenders. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower. A Fund may invest in loans that are investment grade, below investment grade (“junk”), or not rated by any nationally recognized statistical ratings organization. Loans that are rated lower than investment grade typically entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund’s investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

Currently, the Multi-Asset Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Multi-Asset Opportunities Fund’s investments in loans are expected in most instances to be in the form of assignments. Generally, when a Fund purchases an assignment of a loan from a lender, it will step into the position of the

lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. A Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

K. Credit Enhancements. Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; and third party insurance (i.e., AMBAC and FGIC). The value of the obligations may be affected by changes in credit worthiness of the entities that provide any supporting letters of credit or other credit enhancements. The value of the obligations also will be affected by the exhaustion, termination or expiration of any credit enhancement.

L. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Funds. Each Fund limits its illiquid investments to not more than 15% of its net assets. Illiquid investments, in general, are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

M. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Small & Mid Cap Strategies Fund and Multi-Asset Opportunities Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

N. Expenses. Expenses that are directly related to one of the Funds are charged directly to that Fund on an accrual basis. Other operating expenses of the Corporation are prorated to each Fund on an accrual basis utilizing relative net assets or another reasonable basis.

O. Recent Accounting Standards. In March 2017, the FASB issued Accounting Standards Update 2017-08 “Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Management believes this guidance will have an immaterial impact on the Funds.

In August 2018, the FASB issued Accounting Standards Update 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance on the Funds.

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by a Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; changes or perceived changes in economic conditions; overall market changes; local, regional or global political, social or economic events or instability; and currency and interest rate and price fluctuations. In December 2015, the Board of Governors of the Federal Reserve System (the “Fed”) ended its policy of keeping the federal funds rate at or near zero percent and purchasing large quantities of securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities on the open market (“quantitative easing”). Since ending this quantitative easing policy, the Fed has raised interest rates several times and it is anticipated that interest rates will continue to rise, and as a result there is a risk that interest rates

across the U.S. financial markets will rise suddenly and significantly, thereby exposing fixed income and related markets to heightened volatility and reduced liquidity. Such market events may cause a Fund to experience losses and/or high redemption requests, which may result in increased transactions costs and lower a Fund’s performance. Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions or other government restrictions. The risks of foreign investments are increased in emerging markets which may experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Changes in foreign currency exchange rates can affect the value of a Fund’s portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an entity with which the Fund has unsettled or open transactions may default. Financial assets, which potentially expose a Fund to credit and counterparty risks, consist principally of investments, receivables for securities sold and cash due from brokers. The Funds’ Adviser and sub-advisers, as applicable, review the creditworthiness of counterparties that they believe entail material credit risk in relation to the investment policies of a Fund. The extent of a Fund’s exposure to credit and counterparty risks with respect to these financial assets is generally represented by their values recorded in the Fund’s Statements of Assets and Liabilities.

California Municipal Bond Fund and New York Municipal Fund invest a substantial amount of their assets in issuers located in a single state. This may subject each Fund to the risk that economic, political or social issues impacting a particular state could have an adverse and disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Portfolios of investments.

The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

• Level 1 - quoted prices generally in active markets for identical securities.

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit ratings, etc.).

• Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to value the Funds’ investments as of October 31, 2019 is as follows:

The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period.

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of

relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts, as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges ensure that their contracts are always honored. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the year ended October 31, 2019.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as due from brokers for collateral and payable to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments.

When counterparties post cash collateral with respect to various derivative transactions, a Fund may invest the collateral and receives interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in a Fund’s overall expenses on the Statements of Operations and expense ratio in the Financial Highlights.

As of October 31, 2019, the Funds had transactions subject to enforceable master netting arrangements (“MNA”). For reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements or another similar arrangement in the Statements of Assets and Liabilities. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

The following table represents securities received as collateral for derivarives:

The Funds are subject to, among other risks, interest rate risk, equity price risk, commodity risk and foreign currency exchange risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:

For the year ended October 31, 2019, the quarterly average volume of derivative activities were as follows:

A. Futures Contracts. The Funds purchased or sold futures contracts and options on futures contracts to gain exposure to, or hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk) or commodity risk.

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to a futures commission merchant an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the underlying instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund, California Municipal Bond and New York Municipal Bond) may enter into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a Forward was open. Risks may arise upon entering into these contracts from, for example, the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

In the event of default by the counterparty to the transaction, the Funds’ maximum amount of loss, as either the buyer or seller, is the unrealized gain on the contract.

The Funds may be required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount.

C. Swap Agreements. The Funds entered into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into total return, interest rate and other swap agreements. Interest rate swap agreements generally involve

the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on counterparty valuation quotations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

D. Options. The Funds purchased and wrote (sold) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option.

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, a Fund bears certain risks, including the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.

A Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund’s maximum amount of loss is the premium paid and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).

The Multi-Asset Opportunities Fund invests in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statements of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or

exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

A. Investment Advisory Fees. The Funds’ investment adviser is BIM, a wholly-owned subsidiary of Bessemer Trust Company, N.A. (“Bessemer”). Bessemer is a subsidiary of The Bessemer Group, Incorporated (“BGI”). The investment advisory fee paid to BIM for advisory services is computed daily and paid monthly in accordance with the following schedule:

BIM has retained Harding Loevner LP (“Harding Loevner”) and Sands Capital Management, LLC (“Sands”) as sub-advisers to manage a segment of the Large Cap Strategies Fund. Harding Loevner and Sands are paid for their services directly by BIM.

BIM has retained Acadian Asset Management, LLC (“Acadian”), Baillie Gifford Overseas Limited (“Baillie Gifford”), Dimensional Fund Advisors LP (“Dimensional”), Champlain Investment Partners, LLC (“Champlain”), Martingale Asset Management, L.P. (“Martingale”), and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian, Baillie Gifford, Dimensional, Champlain, Martingale, and Polunin are paid for their services directly by BIM.

BIM has retained BlackRock Financial Management, Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment of the Multi-Asset Opportunities Fund. BlackRock and Muzinich are paid for their services directly by BIM.

B. Administration, Fund Accounting, Transfer Agent and Underwriting Fees. The Corporation, on behalf of each Fund, has entered into an administrative oversight, supervision and coordination services agreement (the “Administrative Agreement”) with Bessemer, pursuant to which Bessemer and Bessemer Trust Company (“BTCO”), an affiliate of BIM, provide certain non-advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of the other non-advisory service providers. Under the Administrative Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services. BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) acts as administrator, fund accounting agent and transfer agent for the Funds pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement, respectively. Certain Officers of the Funds are also employees of BNY Mellon.

The Corporation entered into an Underwriting Agreement with Foreside Funds Distributors LLC for the limited purpose of acting as statutory underwriter to facilitate the registration and distribution of shares of the Funds.

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services an annual fee of 0.20% of its average daily net assets. Prior to December 3, 2018, Bessemer had contractually committed to waive it’s shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% for the Fixed Income and Municipal Bond Funds. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. Bessemer, however, does not have the ability to recapture fees currently being waived at a later date.

D. Custody Fees. The All Cap Core Fund, All Cap ESG Fund, Large Cap Strategies Fund, Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian, and the Small & Mid Cap Strategies Fund has retained BTCO to serve as their co-custodian. Pursuant to the Funds’ Custody Agreements, BTCO is responsible for maintaining the custody of these Funds’ securities and cash. BTCO serves as custodian for the Small & Mid Cap Strategies Fund only with respect to equity securities of U.S. companies (other than exchange-traded funds) and securities in the form of depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Small & Mid Cap Strategies Fund. For providing these services, BTCO receives a fee calculated and paid monthly at the annual rate of 0.065% of the average daily net assets of the non-U.S. investments for All Cap Core Fund, All Cap ESG Fund and Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund or portion thereof for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund, All Cap ESG Fund and Large Cap Strategies Fund. The Multi-Asset Opportunities Fund and the Subsidiary have retained Citibank, N.A. (“Citibank”) to serve as their custodian and the Small & Mid Cap Strategies Fund has retained Citibank to serve as its co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash and assets of the Small & Mid Cap Strategies Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

E. Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2021 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the Large Cap Strategies Fund at 1.15%, the Small & Mid Cap Strategies Fund at 1.11%, the Multi-Asset Opportunities Fund at 1.20%, the Fixed Income Fund at 0.57%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57%, the New York Municipal Bond Fund at 0.57% and the All Cap ESG Fund at 1.00%. Effective December 3, 2018, the Board approved the lowering of the expense cap with respect to the Fixed Income Fund and Municipal Bond Fund from 0.70% to 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the year ended October 31, 2019, BIM waived $147,815 for the All Cap ESG Fund, $2,640,885 for the Small & Mid Cap Strategies Fund, $6,099,184 for the Multi-Asset Opportunities Fund, $1,468,568 for the Fixed Income Fund, $2,441,860 for the Municipal Bond Fund, $502,118 for the California Municipal Bond Fund and $660,005 for the New York Municipal Bond Fund. The All Cap ESG Fund had offering cost waivers of $24,421. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $76,524 and $202,495 respectively. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.

F. Board of Directors’ Fees. Effective February 1, 2018, each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $235,000, plus $30,000 for serving as the Board’s Chairperson and $15,000 as the Audit Committee Chairperson.

Each Independent Director is reimbursed for all out-of-pocket expense relating to attendance at meetings of the board and any Board committee. Directors who are not independent Directors, officers or employees of BIM and BNY Mellon do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.

G. Other Transactions. From time to time, the Funds may sell or purchase investments from affiliated funds. The prices of these transactions are based on valuations obtained in accordance with the valuation procedures followed by the Funds, as

described in Note 3, applied on a consistent basis. For the year ended October 31, 2019, the Multi-Asset Opportunities Fund sold investments, at fair value, in the amount of $179,986,667 to the Large Cap Strategies Fund resulting in net realized gains of $15,832,301.

In December 2018, in connection with their launch, the California Municipal Bond Fund and New York Municipal Bond Fund purchased investments from various accounts separately managed by affiliates of the Advisor, at fair value, in the amounts of $30,935,067 and $44,547,809, respectively. The proceeds from the sale of such investments were used by the separately managed accounts to purchase shares of the California Municipal Bond Fund and the New York Municipal Bond Fund, as applicable.

Each Independent Director is reimbursed for all out-of-pocket expenses relating to attendance at meetings of the Board and any Board committee. Directors who are not Independent Directors, officers or employees of BIM and BNY Mellon do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.

Investment transactions for the year ended October 31, 2019, excluding short-term debt investments and U.S. Government securities, were as follows:

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2019 were as follows:

It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to make distributions from net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Federal income tax regulations differ from accounting principles generally accepted in the U.S.; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character within the components of net assets in the Statements of Assets and Liabilities. These permanent differences primarily arise from utilization of earnings and profits on shareholder redemptions. Financial records are not adjusted for temporary differences. Temporary differences primarily arise from the tax treatment of wash sales, passive foreign investment companies, and index options.

As of October 31, 2019, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

By investing in the Subsidiary, the Multi-Asset Opportunities Fund will gain exposure to commodities and commodity-linked instruments within the limits of Subchapter M of the Code.

The Funds may be subject to taxes imposed by other countries in which they invest. Such taxes are generally based on income earned as well as capital gains and in certain situations, unrealized gains. These taxes are accrued and applied to net investment income, net realized gains and unrealized gains, if applicable, as such income and/or gains are earned.

The Funds may accrue a deferred tax liability for unrealized gains on India and Pakistan securities based on existing tax rates and holding periods of the securities. As of October 31, 2019, the Large Cap Strategies Fund recorded a liability of $2,601,509 in the Statements of Assets and Liabilities as an estimate for potential future India and Pakistan capital gain taxes.

The tax character of distributions from the Funds during the year ended October 31, 2019 was as follows:

The tax character of distributions from the Funds during the year ended October 31, 2018 was as follows:

The difference in classification between the amounts reflected above and the Statements of Changes in Net Assets is primarily due to short-term capital gain distributions.

As of and during the year ended October 31, 2019, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2019. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

As of October 31, 2019, the components of accumulated earnings/(deficits) on a tax basis were as follows:

As of October 31, 2019, the All Cap ESG Fund had a short-term capital loss carryforward of $1,344,284 and a long-term capital loss carryforward of $2,018, the Fixed Income Fund had a short-term capital loss carryforward of $1,851,568 and a long-term capital loss carryforward of $6,198,453 and the Municipal Bond Fund had a short-term capital loss carryforward of $2,734,013 and a long-term capital loss carryforward of $4,363,094 available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. This capital loss carryforward is not subject to expiration and must first be utilized to offset future realized gains of the same character.

The capital loss carryforward will reduce the applicable Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

Under current tax law, ordinary losses incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes.

The Multi-Asset Opportunities Fund may invest in floating rate loan interests. In connection with these investments, the Multi-Asset Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Multi-Asset Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of October 31, 2019, the Multi-Asset Opportunities Fund had no outstanding bridge loan commitments. In connection with these commitments, the Multi-Asset Opportunities Fund would earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which would be included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2019, as Qualified Dividend Income (“QDI”) as defined in the Code as follows:

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2019, as Qualified Interest Income as defined in the Code as follows:

The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2019, as Qualified Short-Term Gain as defined in the Code as follows:

For the fiscal year ended October 31, 2019, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:

The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2019 as follows:

The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2019 which were derived from U.S. Treasury securities were as follows:

The distributions designated as tax exempt dividends paid for the fiscal year ended October 31, 2019 were as follows:

We have audited the accompanying (consolidated) statements of assets and liabilities of Old Westbury Funds, Inc. (the “Corporation”) (comprising All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Small & Mid Cap Strategies Fund, Multi-Asset Opportunities Fund (consolidated), Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund (collectively referred to as the “Funds”)), including the (consolidated) portfolios of investments of All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Multi-Asset Opportunities Fund (consolidated), Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and the condensed portfolio of investments of Small & Mid Cap Strategies Fund, as of October 31, 2019, and the related (consolidated) statements of operations and changes in net assets, and the (consolidated) financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the (consolidated) financial position of each of the Funds at October 31, 2019, the (consolidated) results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Independent and Interested Directors. The following table sets forth certain information with respect to the Directors of the Corporation, each of which, under current Board policy, may serve until the end of the calendar year during which he or she reaches the applicable mandatory retirement age established by the Board.

Officers. The table below sets forth certain information with respect to the Officers of the Corporation:

The Statement of Additional Information (“SAI”) includes additional information about the Corporation’s Directors and Officers and is available upon request, without charge. To obtain a copy of the SAI, please call (800) 607-2200.

The Funds’ proxy voting guidelines, used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

The Funds provide a complete list of the Funds’ holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the Schedule of Investments appear in the Funds’ semi-annual and annual reports to shareholders. For the first and third quarters, the Funds file the Schedule of Investments with the SEC on Form N-Q. Shareholders can obtain the Funds’ Form N-Q (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov. The Fund’s N-Q may be reviewed or copied at the SEC Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-PORT and Forms N-Q are available on the SEC’s website at http:www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling (800) 607-2200.

The Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”), approved the Corporation’s Liquidity Risk Management Program (the “Program”), which addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation with respect to Old Westbury All Cap Core Fund, Old Westbury Large Cap Strategies Fund, Old Westbury All Cap ESG Fund, Old Westbury Small & Mid Cap Strategies Fund, Old Westbury Multi-Asset Opportunities Fund, Old Westbury Fixed Income Fund, Old Westbury Municipal Bond Fund, Old Westbury California Municipal Bond Fund, and Old Westbury New York Municipal Bond Fund (each, a “Fund” and, collectively, the “Funds”). The Program is effective on June 1, 2019.

At a meeting held on July 24, 2019, the Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) of any party to the agreements defined below (“Independent Directors”), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an investment advisory agreement between Bessemer Investment Management LLC (“BIM” or the “Adviser”) and the Corporation on behalf of Old Westbury All Cap Core Fund (“All Cap Core Fund”), Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”), Old Westbury All Cap ESG Fund (“All Cap ESG Fund”), Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”), Old Westbury Multi-Asset Opportunities Fund (“Multi-Asset Opportunities Fund”), Old Westbury Fixed Income Fund (“Fixed Income Fund”), Old Westbury Municipal Bond Fund (“Municipal Bond Fund”), Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”), and Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”) (each, a “Fund” and, collectively, the “Funds”), (2) a sub-advisory agreement among BIM, Dimensional Fund Advisors LP (“Dimensional”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (4) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. (“BlackRock”) and the Corporation on behalf of the Multi-Asset Opportunities Fund, (5) a sub-advisory agreement among BIM, Sands Capital Management, LLC (“Sands”) and the Corporation on behalf of the Large Cap Strategies Fund, (6) a sub-advisory agreement among BIM, Muzinich & Co, Inc. (“Muzinich”) and the Corporation on behalf of the Multi-Asset Opportunities Fund, (7) a sub-advisory agreement among BIM, Harding Loevner LP (“Harding Loevner”) and the Corporation on behalf of the Large Cap Strategies Fund, (8) a sub-advisory agreement among BIM, Martingale Asset Management, L.P. (“Martingale”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (9) a sub-advisory agreement among BIM, Baillie Gifford Overseas Limited (“Baillie Gifford”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (10) a sub-advisory agreement among BIM, Polunin Capital Partners Limited (“Polunin”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, and (11) a sub-advisory agreement among BIM, Acadian Asset Management LLC (“Acadian”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund (Polunin, Dimensional, Champlain, BlackRock, Sands, Muzinich, Harding Loevner Martingale and Baillie Gifford together, the “Sub-Advisers”). At both the meeting of the Board held on July 24, 2019 and the meeting of the Board held on April 24, 2019, the Board had requested and received substantial information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fee rates charged and services provided by affiliated service providers. The Independent Directors also met in person with Counsel to the Independent Directors on June 14, 2019, during which time they conducted a review of substantial information from the Adviser and Sub-Advisers. The Directors reviewed detailed due diligence questionnaires from BIM and each of the Sub-Advisers, as well as substantial information concerning, among other things, each Fund’s performance, comparative fee and expense information as well as information regarding BIM and each of the Sub-Advisers relating to their respective organizations, compliance and regulatory processes and programs and financial conditions. The Directors also discussed and considered economies of scale and how the Adviser shared those economies with the Funds’ shareholders. The Board received and discussed information concerning BIM’s and each Sub-Adviser’s performance, the use of affiliated brokers to execute transactions, the use of soft dollars, best execution, portfolio manager compensation, and whether there are any other direct or indirect benefits received by the Adviser or the Sub-Advisers in managing the Funds. In addition, the Adviser supplied the Directors with additional information concerning its estimated profitability from managing the Funds. Moreover, the Board had received and considered materials and presentations throughout the course of the year relating to the investment management, performance and operation of the Funds.

The Board considered information about BIM and the Sub-Advisers, the performance of the Funds and certain additional factors described above and below that it deemed relevant. The following summary details the materials and factors that the Board considered, among others, and the conclusions they reached, in approving the continuance of the Agreements.

(1) The nature, extent and quality of services provided by the Adviser and Sub-Advisers.

The Board considered the scope and quality of services provided by the Adviser and Sub-Advisers, particularly the qualifications, capabilities and experience of the investment, operational, compliance, legal and other personnel who are responsible for providing services to the Funds. The Board also considered the fact that the Adviser and Sub-Advisers pay the costs of all investment and management facilities necessary for the efficient conduct of their respective services. The Board further considered the role and efforts of the Adviser in providing oversight of the various Sub-Advisers for the Funds, including in overseeing the service of, and in monitoring the performance of, each Sub-Adviser, as well as determining the appropriate allocation of assets to Sub-Advisers. The Board also considered the Adviser’s role in making recommendations to the Board regarding retaining or replacing Sub-Advisers where appropriate and in conducting the necessary searches and due diligence of prospective new sub-advisers. In this regard, the Board noted the information that it had received regarding the Adviser’s on-going

due diligence with respect to each Sub-Adviser, including the Adviser’s review of, among other things, each Sub-Adviser’s investment process, compliance program and performance. The Board also took into account the various reports it received throughout the year regarding the activities and operation of various oversight and operations groups within BIM and its affiliates, such as External Managers Solutions Group, Internal Audit, Cybersecurity and Business Continuity, and Investment Risk Management. The Board also considered the role of the Pricing Committee in the valuation of the Funds’ portfolio instruments, including its role in determining fair values for securities pursuant to the Corporation’s Valuation Policies, as well as its role in selecting and monitoring pricing service providers and, foreign fair value service providers.

In addition, the Board considered that the Adviser manages the overall investment program of the Funds and that the Adviser keeps the Board informed of important developments affecting the Funds, both in connection with the Board’s annual review of the Investment Advisory Agreement and Sub-Advisory Agreements and at each Board meeting. The Board also noted that it received in-person reports from each Sub-Adviser on a rotating schedule. The Board evaluated these factors based on its direct experience with the Adviser, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors, as well as Counsel to the Independent Directors alone. The Board also considered the Adviser’s effectiveness in ensuring that the Funds are in compliance with their respective investment policies and restrictions and the requirements of the 1940 Act and related securities regulations. The Board further noted the Adviser’s and its affiliates’ efforts to oversee the Funds’ other service providers, including those providing administrative, accounting and custodial services.

Based on these factors, as well as other factors discussed herein, the Board concluded that the nature, quality and extent of services provided by the Adviser and Sub-Advisers have been and continue to be satisfactory.

The Board’s analysis of the Funds’ performance included the discussion and review of the performance data of each of the Funds against securities benchmarks as well as against a competitive group of similar funds, based on, in part, information provided by an independent, third-party mutual fund data provider. The Board considered that for some Funds, like the Multi-Asset Opportunities Fund, the investment strategy employed by the Fund was distinct from any securities benchmark and was different than that employed by other funds, making performance comparisons against benchmarks and industry peers less meaningful. The Board reviewed comparative performance over long-, intermediate- and short-term periods. In reviewing performance, the Board placed greater emphasis on longer-term performance than on shorter-term performance, taking into account that over short periods of time underperformance may be transitory. The Board also considered the performance of the Funds in the context of whether the Funds were meeting the expectations of the clients invested in the Funds. In this regard, the Board considered that the Fixed Income Fund, New York Municipal Bond Fund, California Municipal Bond Fund, and the Municipal Bond Fund were designed as conservative investment products and that clients were most interested in capital preservation when investing in those particular Funds. As a result, the Board determined that the Fixed Income Fund, Municipal Bond Fund, New York Municipal Bond Fund and California Municipal Bond Fund appeared to be meeting their investment objectives even though both Funds may have underperformed their competitive peer groups during certain periods.

The Board considered the performance of the Adviser and each of the Sub-Advisers both against comparative benchmarks as well as against similarly managed accounts, if applicable, managed by the Adviser and Sub-Advisers. When reviewing performance against similarly managed accounts, the Board considered, among other things, differences in the nature of such accounts from a regulatory and tax perspective and differences in the investment mandate from that of the Funds. In evaluating the Funds’ performance, the Board also considered the principal role of the Funds as part of the asset allocation strategy for client accounts maintained by Bessemer and its affiliates.

(3) The cost of the advisory and sub-advisory services and the profits to the Adviser and its affiliates from the relationship with the Funds.

In connection with the Board’s consideration of the level of the advisory and sub-advisory fees, the Board considered a number of factors. The Board’s analysis of each Fund’s advisory fees and expenses included a discussion and review of data concerning the current fee and expense ratios of each Fund compared to a peer group of similar funds and noted that each Fund’s advisory fee and expenses were generally in line with those of their representative group. The Board also noted the applicable advisory fee breakpoints as well as the Adviser’s contractual commitment to waive advisory fees for certain of the Funds. Additionally, the Board considered the Adviser’s profitability. With respect to the Sub-Advisory Agreements with the Sub-Advisers, the Board noted that the Sub-Advisers’ fees were paid entirely by the Adviser so that no additional expenses would be borne by shareholders for the engagement of the Sub-Advisers. The Board noted that Sub-Advisory fee levels were arrived at pursuant to an arms-length negotiation between the Adviser and each Sub-Adviser. The Board also considered fee data from

the Sub-Advisers with respect to similarly managed accounts and considered the relevance of differences in the services provided to separate accounts as they relate to differences in the fees charged in connection with the Funds. The Board also took into account the significant costs and risks assumed by BIM in connection with launching and maintaining the Funds, including entrepreneurial risks.

Based on this analysis as well as other factors described herein, including the fact that the Funds are intended principally to satisfy asset allocation requirements of client accounts maintained by Bessemer and its affiliates, the Board concluded that the advisory fee schedule for each Fund was fair and reasonable in light of the quality of services provided by the Adviser and Sub-Advisers.

(4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.

The Board considered the information provided by the Adviser relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to All Cap Core Fund, All Cap ESG Fund, Fixed Income Fund, California Municipal Bond Fund, New York Municipal Bond Fund, and Municipal Bond Fund, and at $1.25 billion and $2.5 billion for the Multi-Asset Opportunities Fund and Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser’s profitability analysis. The Board also noted other areas where each Fund may share in economies of scale, including through potential lower fees charged by third-party service providers based on the combined size of the Funds.

In addition to the above factors, the Board also discussed other benefits received by the Adviser, the Sub-Advisers and their affiliates from the management of the Funds (such as soft-dollar credits), including the ability to market their advisory services for similar products in the future. In addition, the Board discussed the compensation payable by the Funds to affiliates of the Adviser for other services including administrative services, shareholder servicing and custody. The Board considered comparative information relating to the fees charged for these services and reviewed reports from the Adviser and its affiliates regarding their capabilities and experience in providing these services. The Board also discussed the use of the Funds as asset allocation investment vehicles for clients of Bessemer and its affiliates, with the resulting expectation that the asset sizes of the Funds would grow as Bessemer’s client base grows. The Board concluded that advisory and sub-advisory fees were reasonable in light of these fall-out benefits.

The Board, including all of the Independent Directors, concluded that the fees payable under the Investment Advisory Agreement and Sub-Advisory Agreements were fair and reasonable with respect to the services that BIM and each Sub-Adviser provide, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.

Investment Adviser:

Bessemer Investment Management LLC
630 Fifth Avenue
New York, NY 10111
(212) 708-9100

Distributor:

Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312

Custodians:

Bessemer Trust Company
100 Woodbridge Center Drive
Woodbridge, NJ 07095

Citibank, N.A.
388 Greenwich Street
New York, NY 10013

Administrator:

BNY Mellon Investment Servicing (US) Inc.
760 Moore Road
King of Prussia, PA 19406

Transfer Agent:

BNY Mellon Investment Servicing (US) Inc.
760 Moore Road
King of Prussia, PA 19406

Independent Registered Public Accounting Firm:

Ernst & Young LLP
5 Times Square
New York, NY 10036

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risks, including possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Furthermore, Bessemer Investment Management LLC and its affiliates, as agents for their clients, and any of its officers or employees may have a beneficial interest or position in any of the securities mentioned, which may be contrary to any opinion or projection expressed in this report.

The Code of Ethics for Principal Executive and Principal Financial Officers is attached as an Exhibit under Item 13(a)(1).

The registrant’s board of directors has determined that the registrant has four audit committee financial experts serving on its audit committee and those persons (Patricia L. Francy, Alexander Ellis III, J. David Officer and R. Keith Walton) are “independent” for purposes of this Item 3 of Form N-CSR.

Before an auditor is engaged by the Funds to render audit services, the Audit Committee reviews and approves the engagement, including all related fees. The Audit Committee also reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Funds employ their auditor to render “permissible non-audit services” to the Funds, including all related fees. In addition, the Audit Committee reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Funds, employ the Funds’ Auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting of the Funds. As a part of its review, the Audit Committee considers whether the provision of such services does not impact the Auditor’s independence.

Shares			Value
COMMON STOCKS — 91.0%
ARGENTINA — 0.2%
	19,694	MercadoLibre, Inc.(a)	$	10,270,815
AUSTRALIA — 2.2%
	24,428	A2B Australia Ltd.		26,691
	1,016,185	Accent Group Ltd.		1,057,767
	150,284	Adairs Ltd.		183,887
	28,032	Adelaide Brighton Ltd.		59,518
	34,185	Ainsworth Game Technology Ltd.		18,852
	122,137	Alkane Resources Ltd.(a)		60,200
	8,091	Alliance Aviation Services Ltd.		14,055
	9,699	ALS Ltd.		53,956
	343,601	Altium Ltd.		7,622,208
	45,885	Alumina Ltd.		71,802
	26,409	AMA Group Ltd.		25,032
	175,712	AMP Ltd.		222,268
	469,019	Ansell Ltd.		8,923,595
	16,541	AP Eagers Ltd.		139,567
	4,303	Appen Ltd.		64,872
	2,598	Arb Corp Ltd.		32,434
	30,727	Asaleo Care Ltd.(a)		20,229
	8,523	Atlas Arteria Ltd.		47,179
	5,687	AUB Group Ltd.		48,416
	4,018,028	Aurelia Metals Ltd.		1,301,821
	39,288	Aurizon Holdings Ltd.		159,791
	21,946	AusNet Services		27,988
	940,256	Austal Ltd.		2,709,335
	16,016	Australian Agricultural Co. Ltd.(a)		10,875
	19,946	Australian Finance Group Ltd.		37,124
	37,311	Australian Pharmaceutical Industries Ltd.		34,080
	91,400	Baby Bunting Group Ltd.		248,876
	30,036	Bank of Queensland Ltd.		187,383
	5,331	Bapcor Ltd.		26,276
	240,444	Base Resources Ltd.(a)		39,780
	183,622	Beach Energy Ltd.		289,868
	6,923	Bega Cheese Ltd.		17,085
	5,237	Bellamy’s Australia Ltd.(a)		46,318
	19,694	Bendigo & Adelaide Bank Ltd.		144,585
	513	Blackmores Ltd.		30,611
	235,494	BlueScope Steel Ltd.		2,163,966
	108,004	Boral Ltd.		374,497
	1,398,915	Bravura Solutions Ltd.		3,963,451
	2,824	Breville Group Ltd.		29,863
	186,758	Brickworks Ltd.		2,328,939
	78,298	BWP Trust, REIT		223,995
	30,620	Caltex Australia Ltd.		575,613
	67,610	Capitol Health Ltd.		11,186
	6,165	carsales.com Ltd.		66,043
	96,536	Cash Converters International Ltd.(a)		15,971
	12,295	Cedar Woods Properties Ltd.		60,177
	19,516	Challenger Ltd.		107,089
	343,968	Champion Iron Ltd.(a)		505,054

Shares			Value
AUSTRALIA (continued)
	277,481	Charter Hall Group REIT	$	2,161,484
	16,420	Citadel Group Ltd. (The)		40,183
	24,057	City Chic Collective Ltd.		46,103
	90,657	Cleanaway Waste Management Ltd.		115,302
	1,515	Clinuvel Pharmaceuticals Ltd.		31,916
	50,518	Clover Corp. Ltd.		107,608
	17,924	Coca-Cola Amatil Ltd.		125,413
	47,469	Codan Ltd.		202,881
	107,656	Collins Foods Ltd.		759,939
	15,874	Computershare Ltd.		173,333
	37,212	Cooper Energy Ltd.(a)		14,237
	2,470	Corporate Travel Management Ltd.		30,019
	1,759	Credit Corp. Group Ltd.		38,050
	2,442	Crown Resorts Ltd.		20,975
	268,597	CSR Ltd.		766,552
	134,080	Data#3 Ltd.		317,953
	24,019	Decmil Group Ltd.		14,239
	49,476	Dicker Data Ltd.		239,426
	1,566	Domino’s Pizza Enterprises Ltd.		55,066
	40,623	Downer EDI Ltd.		225,428
	23,388	DWS Ltd.		17,171
	6,964	Elders Ltd.		28,372
	21,026	Emeco Holdings Ltd.(a)		25,872
	296,360	EML Payments Ltd.(a)		817,184
	2,827	Enero Group Ltd.		4,190
	490,049	Estia Health Ltd.		949,262
	23,471	EVENT Hospitality and Entertainment Ltd.		212,278
	1,038,844	Evolution Mining Ltd.		2,957,609
	7,724	Fleetwood Corp. Ltd.(a)		11,927
	12,446	Flexigroup Ltd.		16,730
	1,383	Flight Centre Travel Group Ltd.		40,604
	4,600	G.U.D. Holdings Ltd.		34,310
	21,841	G8 Education Ltd.		38,694
	10,000	Gbst Holdings Ltd(a),(b)		24,127
	100,217	GDI Property Group, REIT		107,772
	70,597	Genworth Mortgage Insurance Australia Ltd.		189,798
	5,454	GrainCorp Ltd. - Class A		27,183
	32,430	GWA Group Ltd.		64,831
	6,691	Hansen Technologies Ltd.		15,682
	14,059	Harvey Norman Holdings Ltd.		39,639
	11,239	Healius Ltd.		23,863
	12,220	Helloworld Travel Ltd.		37,907
	172,755	Horizon Oil Ltd.(a)		16,672
	12,182	Hotel Property Investments Trust		26,873
	49,386	HT&E, Ltd.		56,173
	3,631	Huon Aquaculture Group Ltd.		11,414
	305,829	IDP Education Ltd.		3,752,658
	1,543,299	Iluka Resources Ltd.		10,000,421
	531,650	Imdex Ltd.		582,725
	1,039,595	Incitec Pivot Ltd.		2,472,428
	763,787	Independence Group NL		3,353,915

Shares			Value
AUSTRALIA (continued)
	420,073	Infomedia Ltd.	$	663,133
	104,468	Integrated Research Ltd.		213,165
	4,429	InvoCare Ltd.		39,966
	11,100	IOOF Holdings Ltd.		56,470
	256,724	IPH Ltd.		1,428,171
	3,410	Iress Ltd.		29,948
	34,618	JB Hi-Fi Ltd.		883,921
	63,565	Johns Lyng Group Ltd.		81,064
	285,205	Jumbo Interactive Ltd.		4,366,626
	75,445	Jupiter Mines Ltd.		17,423
	5,319	Link Administration Holdings Ltd.		20,533
	2,295	Lovisa Holdings Ltd.		21,326
	364,347	MACA Ltd.		238,605
	635,918	Macmahon Holdings Ltd.		94,250
	45,678	Magellan Financial Group Ltd.		1,516,785
	23,600	Mastermyne Group Ltd.		17,774
	993,311	Mayne Pharma Group Ltd.(a)		352,641
	3,121	McMillan Shakespeare Ltd.		34,488
	37,785	McPherson’s Ltd.		60,169
	80,562	Medibank Private Ltd.		187,710
	20,344	Medusa Mining Ltd.(a)		10,588
	63,733	Metcash Ltd.		123,895
	15,848	Michael Hill International Ltd.		7,374
	5,150	Mineral Resources Ltd.		50,767
	134,699	MMA Offshore Ltd.(a)		17,875
	186,000	MMG Ltd.(a)		38,928
	2,115	Monadelphous Group Ltd.		22,365
	103,470	Monash IVF Group Ltd.		73,110
	30,549	Money3 Corp. Ltd.		45,277
	2,778,730	Mount Gibson Iron Ltd.		1,455,795
	400,574	Myer Holdings Ltd.(a)		150,494
	37,601	MyState Ltd.		122,862
	426,795	Navigator Global Investments Ltd.		723,760
	39,073	Netwealth Group Ltd.		237,567
	23,940	New Hope Corp. Ltd.		35,152
	4,576	NEXTDC Ltd.(a)		20,220
	17,619	NIB Holdings Ltd.		85,141
	33,543	Nine Entertainment Co. Holdings, Ltd.		42,546
	546,812	Northern Star Resources Ltd.		3,690,295
	416,312	NRW Holdings, Ltd.		645,716
	16,615	Nufarm Ltd/Australia(a)		67,805
	936,495	OceanaGold Corp.		2,246,849
	11,277	OFX Group Ltd.		10,883
	4,884	oOh!media Ltd.		9,292
	9,123	Orica Ltd.		144,017
	3,559	Orocobre Ltd.(a)		6,452
	3,806,295	Orora Ltd.		8,107,767
	550,136	OZ Minerals Ltd.		3,849,253
	24,370	Pacific Current Group Ltd.		118,268
	40,762	Pacific Energy Ltd.		30,066
	7,527	Pact Group Holdings Ltd.(a)		12,557
	13,359	Peet Ltd.		11,051
	5,999	Pendal Group Ltd.		29,568

Shares			Value
AUSTRALIA (continued)
	78,363	People Infrastructure Ltd.	$	183,667
	405,248	Perenti Global Ltd.		639,730
	963	Perpetual Ltd.		23,852
	167,577	Perseus Mining Ltd.(a)		98,769
	7,756	Platinum Asset Mangement Ltd.		22,135
	2,425	Premier Investments Ltd.		32,063
	246,512	Pro Medicus Ltd.		4,530,421
	38,429	Qube Holdings Ltd.		86,096
	111,348	Quintis Ltd.(a),(b)		0
	901,113	Ramelius Resources Ltd.		776,479
	306,813	Red 5 Ltd.(a)		58,163
	20,530	Reece Ltd.		146,760
	4,407	Regional Express Holdings Ltd.		4,056
	1,075,043	Regis Resources Ltd.		3,631,301
	58,503	Resolute Mining Ltd.(a)		48,798
	204,644	Rhipe Ltd.		403,465
	53,210	Ridley Corp. Ltd.		39,798
	749,961	Sandfire Resources NL		3,003,690
	1,380,717	Saracen Mineral Holdings Ltd.(a)		3,569,244
	9,344	SeaLink Travel Group Ltd.		32,979
	228,703	SEEK Ltd.		3,575,652
	5,587	Select Harvests Ltd.		27,730
	10,409	Servcorp Ltd.		31,644
	891,353	Service Stream Ltd.		1,585,294
	4,744	Seven Group Holdings Ltd.		61,350
	138,822	Seven West Media Ltd.(a)		38,279
	64,203	Shaftesbury Plc, REIT		194,737
	227,173	Sigma Healthcare Ltd.		90,829
	31,802	Silver Lake Resources Ltd.(a)		25,430
	61,371	SmartGroup Corp. Ltd.		482,713
	58,562	Southern Cross Electrical Engineering Ltd.		22,203
	77,395	Southern Cross Media Group Ltd.		43,749
	14,955	Spark Infrastructure Group		20,825
	1,238,357	St Barbara Ltd.		2,381,718
	86,421	Stanmore Coal Ltd.		60,766
	61,543	Star Entertainment Group Ltd. (The)		199,396
	24,151	Steadfast Group Ltd.		59,768
	37,756	Sunland Group Ltd.		41,774
	66,383	Super Retail Group Ltd.		435,189
	10,605	Superloop Ltd.(a)		8,005
	893	Superloop Ltd.(a)		674
	16,046	Tassal Group Ltd.		45,794
	775,778	Technology One Ltd.		3,941,353
	4,364	Tiger Resources Ltd.(a)		2
	109,463	TPG Telecom Ltd.		493,498
	12,192	Village Roadshow Ltd.		26,895
	357,177	Virgin Australia Holdings Ltd.(a)		36,933
	521,584	Virgin Australia Holdings Ltd. - CVR Shares(a),(b)		0
	3,261	Virtus Health Ltd.		9,239
	446,111	Vita Group Ltd.		375,183

Shares			Value
AUSTRALIA (continued)
	1,428,231	Vocus Group Ltd.(a)	$	3,268,714
	2,893	Webjet Ltd.		22,555
	8,558	Webster Ltd.		11,474
	1,099,665	Western Areas Ltd.		2,433,357
	250,100	Westgold Resources Ltd.(a)		405,156
	56,484	Whitehaven Coal Ltd.		128,882
	45,947	Worley Ltd.		432,661
				136,793,169
AUSTRIA — 0.1%
	1,728	Agrana Beteiligungs AG		33,303
	14,870	ams AG(a)		664,741
	2,614	ANDRITZ AG		117,432
	1,658	AT&S Austria Technologie & Systemtechnik AG		30,881
	3,286	Austria Technologie & Systemtechnik AG		60,984
	19,662	CA Immobilien Anlagen AG		758,744
	5,820	DO & CO AG		541,353
	4,266	EVN AG		77,934
	1,017	Flughafen Wien AG		41,741
	42,234	IMMOFINANZ AG		1,212,917
	146	Kapsch TrafficCom AG		4,608
	658	Lenzing AG		69,240
	512	Mayr Melnhof Karton AG		62,928
	5,535	Oesterreichische Post AG		203,715
	2,018	Palfinger AG		57,617
	2,933	POLYTEC Holding AG		26,725
	1,129	Porr Ag		26,694
	6,729	Raiffeisen Bank International AG		165,482
	3,202	Rhi Magnesita NV		144,633
	491	Rhi Magnesita NV		22,121
	71,529	S IMMO AG		1,810,921
	1,505	S&T AG		32,127
	586	Schoeller-Bleckmann Oilfield Equipment AG		33,463
	16,189	Strabag SE		538,056
	41,528	Telekom Austria AG		321,434
	962	UBM Development AG		47,852
	30,463	UNIQA Insurance Group AG		292,698
	13,531	Vienna Insurance Group AG Wiener Versicherung Gruppe		366,714
	13,413	voestalpine AG		335,841
	4,474	Wienerberger AG		120,954
	29,513	Zumtobel Group AG(a)		234,361
				8,458,214
BELGIUM — 0.7%
	3,476	Ackermans & van Haaren NV		532,282
	658	Aedifica SA REIT		79,111
	30,578	Ageas		1,761,112
	34,424	AGFA - Gevaert NV(a)		157,104
	5,972	Akka Technologies		384,981
	659	Atenor		54,977
	76	Banque Nationale de Belgique		189,869

Shares			Value
BELGIUM (continued)
	12,329	Barco NV	$	2,681,353
	492	Befimmo SA REIT		31,771
	6,553	Bekaert SA		182,568
	959	Biocartis NV(a)		6,867
	6,096	bpost SA		69,688
	2,052	Cie d’Entreprises CFE		197,735
	607	Cofinimmo SA REIT		89,768
	63,956	Colruyt SA		3,555,093
	40,458	Deceuninck NV		84,380
	12,200	Deceuninck NV- VVPR Strip(a),(b)		0
	45,813	D’ieteren SA/NV		2,891,990
	28,734	Econocom Group SA/NV		74,926
	1,202	Elia System Operator SA NV		103,628
	25,257	Euronav NV		284,790
	16,086	EVS Broadcast Equipment SA		393,799
	10,770	Exmar NV(a)		67,266
	2,571	Fagron		48,775
	90,919	Galapagos NV(a)		16,711,038
	1,790	Gimv NV		107,406
	67	Home Invest Belgium SA REIT		8,519
	1,064	Immobel SA		80,694
	1,351	Intervest Offices & Warehouses NV REIT		40,833
	573	Jensen-Group NV		21,856
	7,954	KBC Ancora		378,796
	988	Kinepolis Group NV		65,674
	25	Lotus Bakeries NV		70,543
	1,139	Melexis NV		79,776
	447	Montea C.V.A REIT		40,531
	11,094	Ontex Group NV		201,187
	82,775	Orange Belgium SA		1,820,529
	340	Picanol		26,468
	158,886	Proximus SADP		4,878,468
	7,898	Recticel SA		69,060
	436	Resilux		65,403
	149	Retail Estates NV REIT		14,225
	422	Roularta Media Group NV		5,907
	3,103	Sioen Industries NV		76,829
	1,836	Sipef NV		92,965
	8,675	Solvay SA		943,334
	29,280	Telenet Group Holding NV(a)		1,437,516
	187	TER Beke SA		22,212
	7,080	Tessenderlo Group SA(a)		234,126
	10,104	Umicore SA		416,614
	1,138	Van de Velde NV		30,715
	643	Warehouses De Pauw CVA REIT		119,188
	8	Wereldhave Belgium NV REIT		716
				41,984,961
BERMUDA — 0.7%
	404,626	Argo Group International Holdings Ltd.		25,034,211
	38,517	Axis Capital Holdings Ltd.		2,289,065
	7,000	Enstar Group, Ltd.(a)		1,406,300

Shares			Value
BERMUDA (continued)
	9,297	Everest Re Group Ltd.	$	2,390,166
	4,868	Hiscox Ltd.		93,893
	300,200	James River Group Holdings Ltd.		10,750,162
				41,963,797
BRAZIL — 0.3%
	5,242	Aliansce Sonae Shopping Centers sa		55,616
	3,600	Alliar Medicos A Frente SA		15,933
	12,556	Alpargatas SA - Preference Shares(a)		84,406
	3,800	Alupar Investimento SA - Units		22,930
	1,700	Arezzo Industria e Comercio SA		25,039
	15,474	Azul S.A. - Preference Shares(a)		201,947
	4,519	Banco ABC Brasil SA - Preference Shares		20,305
	42,100	Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares		235,143
	5,843	BK Brasil Operacao e Assessoria a Restaurantes SA		27,157
	18,600	BR Malls Participacoes SA		70,866
	8,600	BrasilAgro - Co Brasileira de Propriedades Agricolas		36,347
	14,259	BRF SA(a)		125,542
	12,171	Camil Alimentos SA		19,423
	80,321	CCR SA		332,459
	17,464	Cia Brasileira de Distribuicao - Preference Shares		360,733
	56,298	Cia de Locacao das Americas		240,746
	6,200	Cia de Saneamento Basico do Estado de Sao Paulo		84,548
	1,600	Cia de Saneamento de Minas Gerais-COPASA		27,129
	1,900	Cia de Saneamento do Parana		43,207
	5,735	Cia de Saneamento do Parana - Preference Shares		26,026
	4,800	Cia de Transmissao de Energia Eletrica Paulista - Preference Shares		28,186
	5,000	Cia Energetica de Minas Gerais		18,626
	423,100	Cia Energetica de Minas Gerais - ADR		1,421,616
	20,276	Cia Energetica de Minas Gerais - Preference Shares		68,808
	5,400	Cia Energetica de Sao Paulo - Class B, Preference Shares		39,990
	32	Cia Energetica do Ceara - Class A, Preference Shares		497
	5,800	Cia Ferro Ligas da Bahia-FERBASA - Preference Shares		26,162
	3,100	Cia Hering		24,148
	2,700	Cia Paranaense de Energia - Class B, Preference Shares		37,445
	73,900	Cia Siderurgica Nacional SA		218,356
	66,700	Cielo SA		124,735

Shares			Value
BRAZIL (continued)
	92,913	Cogna Educacao	$	224,492
	16,056	Construtora Tenda SA		93,161
	5,646	Cosan Logistica SA(a)		28,466
	24,207	Cosan SA		347,065
	8,700	CSU Cardsystem SA		14,100
	6,400	CVC Brasil Operadora e Agencia de Viagens SA		81,578
	14,600	Cyrela Brazil Realty SA Empreendimentos e Participacoes		98,328
	11,600	Direcional Engenharia SA		34,217
	61,795	Duratex SA		200,770
	10,400	EcoRodovias Infraestrutura e Logistica SA		35,682
	318,039	EDP - Energias do Brasil SA		1,499,593
	46,035	Embraer SA		200,187
	182,785	Embraer SA - ADR		3,174,975
	5,040	Energisa SA - Units		60,058
	3,200	Eneva SA(a)		26,299
	3,700	Engie Brasil Energia SA		41,516
	2,900	Equatorial Energia SA		73,489
	4,800	Ez Tec Empreendimentos e Participacoes SA		48,971
	8,800	Fleury SA		55,558
	24,400	Gerdau SA		67,472
	108,000	Gerdau SA - Preference Shares		361,661
	2,750	Gol-Linhas Aereas Inteligentes SA - Preference Shares(a)		25,165
	15,400	Grendene SA		37,938
	12,800	Guararapes Confeccoes SA		63,673
	5,900	Hapvida Participacoes e Investimentos SA		82,707
	31,500	Helbor Empreendimentos SA(a)		24,977
	16,500	Hypera SA		141,611
	2,000	Iguatemi Empresa de Shopping Centers SA		23,817
	3,700	Industrias Romi SA		12,704
	2,400	Instituto Hermes Pardini SA		13,698
	5,000	International Meal Company Alimentacao SA		9,213
	18,072	Iochpe-Maxion SA		78,768
	11,661	IRB Brasil Resseguros S/A		109,559
	10,500	JHSF Participacoes SA		11,755
	3,400	Kepler Weber SA		18,058
	69,700	Klabin SA - Units		278,244
	2,004	Light SA		9,934
	14,622	Localiza Rent a Car SA		156,775
	601	LOG Commercial Properties e Participacoes SA		3,772
	5,874	Lojas Americanas SA		22,014
	18,944	Lojas Americanas SA - Preference Shares		94,755
	1,893	M Dias Branco SA		17,847
	16,800	Magazine Luiza SA		185,992
	5,732	Mahle-Metal Leve SA		35,131
	28,099	Marcopolo SA - Preference Shares		25,573

Shares			Value
BRAZIL (continued)
	7,800	Marfrig Global Foods SA(a)	$	21,005
	14,800	Mills Estruturas e Servicos de Engenharia SA(a)		26,238
	6,016	Movida Participacoes SA		22,831
	37,686	MRV Engenharia e Participacoes SA		165,760
	5,100	Multiplan Empreendimentos Imobiliarios SA		37,069
	15,400	Natura Cosmeticos SA		120,305
	10,879	Notre Dame Intermedica Participacoes SA		162,351
	11,200	Odontoprev SA		41,639
	1,900	Paranapanema SA(a)		13,237
	33,800	Petrobras Distribuidora SA		239,352
	17,855	Porto Seguro SA		255,281
	21,600	Portobello SA		21,543
	20,068	Qualicorp Consultoria e Corretora de Seguros SA		160,274
	7,200	Raia Drogasil SA		197,410
	17,200	Randon Participacoes SA - Preference Shares		44,689
	19	Restoque Comercio e Confeccoes de Roupas SA		97
	48,585	Rumo SA(a)		277,179
	20,350	Santos Brasil Participacoes SA		34,454
	1,300	Sao Carlos Empreendimentos e Participacoes SA		13,430
	23,483	Sao Martinho SA		101,884
	4,800	Schulz SA - Preference Shares		10,496
	3,900	Ser Educacional SA		22,862
	15,200	SLC Agricola SA		69,168
	2,100	Smiles Fidelidade SA		19,301
	55,012	Sul America SA - Units		670,075
	5,800	T4F Entretenimento SA		8,258
	2,900	Tegma Gestao Logistica SA		22,770
	13,100	TIM Participacoes SA		37,074
	3,200	TOTVS SA		49,789
	3,700	Transmissora Alianca de Energia Eletrica SA - Units		26,487
	9,500	Tupy SA		44,936
	33,000	Ultrapar Participacoes SA		154,776
	1,633	Unipar Carbocloro SA		12,256
	5,740	Unipar Carbocloro SA - Preference Shares		41,520
	24,600	Usinas Siderurgicas de Minas Gerais SA - Class A, Preference Shares		44,655
	9,600	Usinas Siderurgicas de Minas Gerais SA Usiminas		21,232
	7,097	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		23,607
	73,200	Via Varejo SA(a)		135,248
	5,500	Vulcabras Azaleia SA(a)		10,464
	29,000	YDUQS Part		282,950

				15,979,341

Shares			Value
CAMBODIA — 0.0%
	28,000	NagaCorp Ltd.	$	51,026
CANADA — 2.3%
	76,215	Absolute Software Corp.		449,038
	5,636	Advantage Oil & Gas Ltd.(a)		8,130
	114,336	Aecon Group, Inc.		1,579,922
	700	Ag Growth International, Inc.		22,758
	3,600	AGF Management Ltd. - Class B		15,880
	474,083	Aimia, Inc.(a)		1,313,798
	2,900	Air Canada(a)		103,265
	1,200	AirBoss of America Corp.		7,179
	22,276	Alamos Gold, Inc. - Class A		121,266
	3,300	Alaris Royalty Corp.		49,058
	2,170	Alcanna, Inc.(a)		7,447
	2,881	Algoma Central Corp.		28,764
	3,930	Algonquin Power & Utilities Corp.		53,977
	600	Allied Properties Real Estate Investment Trust, REIT		24,408
	16,143	AltaGas Ltd.		234,834
	800	Altus Group Ltd.		22,170
	13,000	Amerigo Resources Ltd.(a)		7,304
	1,400	Andrew Peller Ltd. - Class A		13,893
	2,644	Aritzia, Inc.(a)		37,680
	69,500	Artis Real Estate Investment Trust, REIT		654,316
	14,945	Asanko Gold, Inc.(a)		13,389
	800	Atco Ltd. - Class I		28,122
	31,800	Athabasca Oil Corp.(a)		9,778
	92,753	ATS Automation Tooling Systems, Inc.(a)		1,259,148
	118,354	B2Gold Corp.(a)		416,050
	2,000	Badger Daylighting Ltd.		59,251
	3,257	Barrick Gold Corp.		56,542
	15,845	Baytex Energy Corp.(a)		17,684
	15,200	Bird Construction, Inc.		70,974
	13,800	Black Diamond Group Ltd.(a)		17,917
	9,263	BlackBerry Ltd.(a)		48,668
	26,500	Boardwalk Real Estate Investment Trust, REIT		878,840
	6,700	Bombardier, Inc. - Class B(a)		8,444
	94,557	Bonavista Energy Corp.		35,178
	2,800	Boralex, Inc. - Class A		46,344
	26,900	Boyd Group Income Fund - Units		3,751,213
	900	BRP, Inc.		40,377
	6,267	CAE, Inc.		157,163
	500	Calian Group Ltd.		13,446
	15,200	Cameco Corp.		135,716
	24,915	Canaccord Genuity Group, Inc.		101,393
	5,550	Canacol Energy Ltd.(a)		20,437
	1,200	Canada Goose Holdings, Inc.(a)		50,201
	111,315	Canadian Apartment Properties REIT		4,634,815
	160,375	Canadian Western Bank		4,060,820
	9,843	Canfor Corp.(a)		118,974

Shares			Value
CANADA (continued)
	4,457	Canfor Pulp Products, Inc.	$	29,305
	8,000	CanWel Building Materials Group Ltd.		27,515
	1,300	Capital Power Corp.		31,160
	72,367	Capstone Mining Corp.(a)		27,472
	56,611	Cascades, Inc.		535,980
	8,470	Celestica, Inc.(a)		61,350
	14,726	Centerra Gold, Inc.(a)		125,558
	1,400	Cervus Equipment Corp.		8,769
	18,544	CES Energy Solutions Corp.		24,780
	16,586	China Gold International Resources Corp. Ltd.(a)		13,222
	7,500	CI Financial Corp.		109,160
	11,577	Cineplex, Inc.		197,330
	140,600	City Office REIT Inc.		1,903,724
	29,112	Cogeco Communications, Inc.		2,516,439
	264	Cogeco, Inc.		20,431
	900	Colliers International Group, Inc.		60,303
	1,400	Cominar Real Estate Investment Trust REIT		14,275
	62,361	Computer Modelling Group Ltd.		331,904
	49,000	Copper Mountain Mining Corp.(a)		24,926
	1,012	Corby Spirit and Wine Ltd.		12,294
	15,019	Corus Entertainment, Inc. - Class B		57,700
	20,535	Crescent Point Energy Corp.		74,993
	121,000	Crew Energy, Inc.(a)		44,097
	1,500	CRH Medical Corp.(a)		4,510
	21,300	CT Real Estate Investment Trust, REIT		239,506
	10,500	Denison Mines Corp.(a)		4,863
	6,900	Descartes Systems Group, Inc. (The)(a)		268,488
	12,388	Detour Gold Corp.(a)		205,699
	992,600	Dollarama, Inc.		33,393,141
	14,531	Dream Hard Asset Alternatives Trust - Units		81,531
	33,615	Dream Office Real Estate Investment Trust, REIT		747,794
	74,507	DREAM Unlimited Corp.		570,781
	31,275	Dundee Precious Metals, Inc.(a)		108,991
	83,903	ECN Capital Corp.		277,107
	464	E-L Financial Corp. Ltd.		259,288
	11,452	Eldorado Gold Corp.(a)		96,425
	8,000	Element Fleet Management Corp.		68,028
	74,769	Empire Co. Ltd. - Class A		1,985,173
	94,900	Encana Corp.		371,790
	3,800	Endeavour Silver Corp.(a)		9,434
	72,643	Enerflex Ltd.		569,187
	19,131	Enerplus Corp.		115,474
	52,166	Enghouse Systems Ltd.		1,519,710
	9,975	Entertainment One Ltd.		71,906

Shares			Value
CANADA (continued)
	19,967	Equitable Group, Inc.	$	1,717,911
	1,500	ERO Copper Corp.(a)		18,746
	13,100	Evertz Technologies Ltd.		178,035
	524	Exchange Income Corp.		15,520
	14,323	Exco Technologies Ltd.		83,082
	38	EXFO, Inc.(a)		155
	6,300	Extendicare, Inc.		42,619
	4,382	Finning International, Inc.		74,625
	1,734	First Capital Realty, Inc.		28,700
	2,051	First Majestic Silver Corp.(a)		21,926
	563	First National Financial Corp.		18,334
	28,335	First Quantum Minerals Ltd.		239,442
	1,300	FirstService Corp.		113,467
	11,963	Fortuna Silver Mines, Inc.(a)		38,148
	2,300	GDI Integrated Facility Services, Inc.(a)		51,026
	16,000	Gear Energy Ltd.(a)		4,738
	2,921	Genworth MI Canada, Inc.		117,984
	30,114	Gibson Energy, Inc.		524,954
	2,400	Gildan Activewear, Inc.		61,317
	1,040	goeasy Ltd.		47,551
	84,319	Gran Colombia Gold Corp.(a)		323,294
	28,068	Great Canadian Gaming Corp.(a)		887,794
	132,862	Guyana Goldfields, Inc.(a)		53,464
	30,650	H&R Real Estate Investment Trust, REIT		518,474
	1,400	Hardwoods Distribution, Inc.		13,648
	26,524	Heroux-Devtek, Inc.(a)		337,516
	10,400	High Arctic Energy Services, Inc.		17,845
	46,024	High Liner Foods, Inc.		324,974
	106,146	Home Capital Group, Inc.(a)		2,184,814
	8,300	Horizon North Logistics, Inc.		6,113
	23,554	Hudbay Minerals, Inc.		85,482
	132,871	iA Financial Corp., Inc.		6,398,912
	18,493	IAMGOLD Corp.(a)		69,501
	2,679	Innergex Renewable Energy, Inc.		33,439
	6,826	Inter Pipeline Ltd.		114,587
	7,600	Interfor Corp.(a)		90,593
	2,288	International Petroleum Corp. - Sweden(a)		7,765
	2,926	Intertape Polymer Group, Inc.		37,677
	3,000	Just Energy Group, Inc.		6,947
	1,300	K-Bro Linen, Inc.		35,730
	8,066	Keyera Corp.		186,968
	85,801	Killam Apartment Real Estate Investment Trust, REIT		1,270,957
	721	Kinaxis, Inc.(a)		46,043
	1,170,742	Kinross Gold Corp.(a)		5,678,099
	88,445	Kinross Gold Corp.(a)		429,768
	9,201	Kirkland Lake Gold Ltd.		432,072
	4,656	Largo Resources Ltd.(a)		4,666
	3,935	Laurentian Bank of Canada		135,339
	7,726	Leon’s Furniture Ltd.		92,388

Shares			Value
CANADA (continued)
	23,710	Linamar Corp.	$	773,172
	24,000	Lucara Diamond Corp.		19,680
	48,224	Lundin Mining Corp.		243,482
	3,530	Magellan Aerospace Corp.		43,043
	6,500	Major Drilling Group International, Inc.(a)		27,538
	5,799	Maple Leaf Foods, Inc.		101,134
	15,698	Martinrea International, Inc.		128,006
	63,917	Medical Facilities Corp.		379,494
	7,670	MEG Energy Corp.(a)		29,466
	923	Melcor Developments Ltd.		8,760
	2,303	Methanex Corp.		87,270
	67,776	Metro, Inc.		2,866,239
	800	Morguard Corp.		121,479
	72,866	Morguard North American Residential Real Estate Investment Trust, REIT		1,059,437
	1,000	Morneau Shepell, Inc.		24,076
	486	MTY Food Group, Inc.		19,416
	2,328	Mullen Group Ltd.		14,494
	6,100	Neo Performance Materials, Inc.		55,855
	929	NFI Group, Inc.		20,434
	12,579	Noranda Income Fund		14,708
	2,202	Norbord, Inc.		63,564
	4,000	North American Construction Group Ltd.		46,284
	4,400	North American Palladium Ltd.		65,878
	1,646	North West Co., Inc. (The)		35,217
	3,429	Northland Power, Inc.		68,471
	113,870	Northview Apartment Real Estate Investment Trust REIT		2,495,094
	539,800	Novagold Resources, Inc.(a)		3,929,744
	12,600	NuVista Energy Ltd.(a)		18,081
	2,188	Onex Corp.		128,629
	44,689	Open Text Corp.		1,805,746
	2,453	Osisko Gold Royalties Ltd.		24,137
	226,793	Pan American Silver Corp.		3,866,821
	8,103	Pan American Silver Corp.		137,624
	8,824	Parex Resources, Inc.(a)		119,587
	5,688	Parkland Fuel Corp.		188,938
	2,400	Pason Systems, Inc.		25,766
	46,000	Plaza Retail REIT		156,116
	18,608	Polaris Infrastructure, Inc.		186,490
	17,700	Precision Drilling Corp.(a)		18,814
	936	Premium Brands Holdings Corp.		61,749
	4,315	Pretium Resources, Inc.(a)		43,474
	12,900	PRO Real Estate Investment Trust, REIT		71,106
	21,900	Quarterhill, Inc.		27,602
	68,800	Quebecor, Inc. - Class B		1,599,465
	94,114	Real Matters, Inc.(a)		790,298
	3,100	Reitmans Canada Ltd. - Class A		4,613
	1,900	Richelieu Hardware Ltd.		39,007
	1,200	RioCan Real Estate Investment Trust, REIT		24,080

Shares			Value
CANADA (continued)
	545,000	Ritchie Bros Auctioneers, Inc.	$	22,410,400
	1,600	Ritchie Bros. Auctioneers, Inc.		65,829
	8,854	Rogers Sugar, Inc.		36,502
	6,803	Russel Metals, Inc.		111,670
	7,588	Sandstorm Gold Ltd.(a)		54,155
	79,600	Secure Energy Services, Inc.		256,248
	8,801	SEMAFO, Inc.(a)		28,399
	1,000	ShawCor Ltd.		10,068
	1,282	Sienna Senior Living, Inc.		18,484
	2,500	Sierra Wireless, Inc.(a)		27,580
	57,500	Silvercorp Metals, Inc.		239,674
	1,991	Sleep Country Canada Holdings, Inc.		33,181
	900	SmartCentres Real Estate Investment Trust REIT		21,757
	800	Spin Master Corp.(a)		22,632
	15,500	Sprott, Inc.		35,776
	30,836	SSR Mining, Inc.(a)		456,064
	3,143	SSR Mining, Inc.(a)		46,485
	25,577	Stantec, Inc.		545,679
	14,115	Stars Group, Inc. (The)(a)		307,141
	2,160	Stella-Jones, Inc.		59,892
	4,600	Storm Resources Ltd.(a)		4,191
	3,500	Stuart Olson, Inc.		7,095
	102,634	Summit Industrial Income REIT		995,872
	9,826	SunOpta, Inc.(a)		18,651
	17,300	Superior Plus Corp.		156,174
	21,609	Surge Energy, Inc.		15,750
	41,800	Tamarack Valley Energy Ltd.(a)		53,952
	13,198	Teranga Gold Corp.(a)		53,409
	3,064	TFI International, Inc.		97,636
	16,701	TMX Group Ltd.		1,459,229
	9,236	Torex Gold Resources, Inc.(a)		135,128
	1,845	Toromont Industries Ltd.		95,269
	15,364	Total Energy Services, Inc.		65,557
	97,764	Tourmaline Oil Corp.		838,762
	84,588	TransAlta Corp.		499,654
	3,900	TransAlta Renewables, Inc.		41,988
	24,090	Transcontinental, Inc. - Class A		275,084
	15,803	TransGlobe Energy Corp.		18,117
	16,352	Trican Well Service Ltd.(a)		10,677
	1,800	Tucows, Inc. - Class A(a)		99,971
	5,297	Uni-Select, Inc.		42,831
	2,190	Vermilion Energy, Inc.		28,932
	2,954	Wajax Corp.		34,315
	6,600	Wesdome Gold Mines Ltd.(a)		40,339
	4,100	West Fraser Timber Co. Ltd.		189,576
	58,838	Western Forest Products, Inc.		58,074
	6,800	Westjet Airlines Ltd.		158,138
	1,513	Westshore Terminals Investment Corp.		26,237
	2,248	Winpak Ltd.		79,604
	2,714	WSP Global, Inc.		169,339
	8,466	Yamana Gold, Inc.		30,918

Shares			Value
CANADA (continued)
	400	Yangarra Resources Ltd.(a)	$	310
				143,918,606
CAYMAN ISLANDS — 0.0%
	38,300	Consolidated Water Co. Ltd.		671,782
CHILE — 0.0%
	43,415	AES Gener SA		9,308
	21,597	Aguas Andinas SA - Class A		9,902
	27,560	Besalco SA		18,581
	8,688	CAP SA		63,731
	15,810	Cencosud SA		21,467
	9,672	Cia Cervecerias Unidas SA		96,510
	1,045,870	Cia Sud Americana de Vapores SA(a)		34,411
	338	Clinica Las Condes SA		18,003
	26,113	Coca-Cola Embonor SA - Preference Shares		48,592
	53,479	Colbún SA		9,227
	14,858	Embotelladora Andina SA - Class B, Preference Shares		42,875
	9,395	Empresa Nacional de Telecomunicaciones SA(a)		73,490
	23,369	Engie Energia Chile SA		34,663
	724,976	Enjoy SA(a)		26,160
	113,766	Grupo Security SA		32,998
	3,218	Hortifrut SA		6,726
	112,676	Inversiones Aguas Metropolitanas SA		134,464
	1,754	Inversiones La Construccion SA		21,227
	8,200,620	Itau CorpBanca		49,761
	273,781	Masisa SA(a)		12,648
	20,790	Multiexport Foods SA		9,394
	6,895	Parque Arauco SA		18,130
	45,001	PAZ Corp. SA		62,550
	36,589	Ripley Corp. S.A.		21,117
	39,651	Salfacorp SA		33,417
	120,485	Sigdo Koppers SA		173,611
	47,915	SMU SA		9,278
	525,545	Sociedad Matriz SAAM SA		43,264
	29,332	Socovesa SA		13,448
	22,243	SONDA SA		23,812
	18,421	Vina Concha y Toro SA		33,906
				1,206,671
CHINA — 2.3%
	3,601	21Vianet Group, Inc. - ADR(a)		30,536
	45,500	3SBio, Inc.(a)		85,124
	926	51job, Inc. - ADR(a)		72,941
	2,491	58.Com Inc. - ADR(a)		131,550
	39,500	AAC Technologies Holdings, Inc.		257,084
	235,250	Agile Group Holdings Ltd.		318,232
	8,945,000	Agricultural Bank of China Ltd. - H Shares		3,687,153
	9,824,000	Aluminum Corp. of China Ltd. - H Shares(a)		2,921,142

Shares			Value
CHINA (continued)
	244,400	Angang Steel Co. Ltd. - H Shares	$	82,029
	410,000	Anton Oilfield Services Group		40,812
	144,500	Asia Cement China Holdings Corp.		175,924
	64,000	AVIC International Holdings Ltd. - H Shares(a)		60,439
	69,000	AviChina Industry & Technology Co. Ltd. - H Shares		32,669
	173,500	Baic Motor Corp. Ltd. - H Shares		108,051
	8,376,770	Bank of China Ltd. - H Shares		3,431,547
	26,500	Bank of Chongqing Co. Ltd. - H Shares		15,590
	4,722,000	Bank of Communications Co. Ltd. - H Shares		3,229,975
	80,000	Baoye Group Co. Ltd. - H Shares(a)		52,374
	239,848	Baozun, Inc. - ADR(a)		10,438,185
	308,000	BBMG Corp. - H Shares		88,439
	208,000	Beijing Capital International Airport Co. Ltd. - H Shares		197,224
	122,000	Beijing Capital Land Ltd. - H Shares		41,103
	176,000	Beijing North Star Co. Ltd. - H Shares		54,129
	2,554	Bitauto Holdings Ltd. - ADR(a)		38,642
	92,000	BYD Electronic International Co. Ltd.		158,735
	72,000	Cabbeen Fashion Ltd.		14,701
	63,000	CAR, Inc.(a)		51,455
	5,327	Cayman Engley Industrial Co. Ltd.		16,887
	235,656	Central China Real Estate Ltd.		108,265
	40,000	Central China Securities Co. Ltd. - H Shares		7,759
	107,000	Chaowei Power Holdings Ltd.		38,780
	70,000	China Animal Healthcare Ltd.(a),(b)		3,350
	97,000	China Aoyuan Group Ltd.		124,531
	1,049,000	China Cinda Asset Management Co. Ltd. - H Shares		218,208
	293,000	China Coal Energy Co. Ltd. - H Shares		117,036
	72,000	China Communications Services Corp. Ltd. - H Shares		44,564
	42,000	China Conch Venture Holdings Ltd.		164,549
	4,312,044	China Construction Bank Corp. - H Shares		3,472,329
	114,800	China Dili Group(a)		35,161
	1,834	China Distance Education Holdings Ltd. - ADR(a)		12,837
	176,000	China Eastern Airlines Corp. Ltd. - H Shares(a)		88,045
	326,000	China Energy Engineering Corp. Ltd. - H Shares		32,866

Shares			Value
CHINA (continued)
	149,500	China Galaxy Securities Co. Ltd. - H Shares	$	76,506
	268,500	China Harmony New Energy Auto Holding Ltd.		92,516
	259,000	China Hongqiao Group Ltd.		144,110
	79,500	China Huiyuan Juice Group Ltd.(a),(b)		18,972
	3,135	China Index Holdings Ltd. - ADR(a)		10,283
	27,200	China International Capital Corp. Ltd.		49,777
	76,440	China International Marine Containers Group Co. Ltd. - H Shares		67,407
	3,735,000	China Lesso Group Holdings Ltd.		3,865,626
	27,000	China Lilang Ltd.		21,777
	53,000	China Longyuan Power Group Corp. - H Shares		28,678
	74,000	China Maple Leaf Educational Systems Ltd.		23,326
	114,000	China Medical System Holdings Ltd.		155,085
	70,000	China Meidong Auto Holdings Ltd.		69,858
	3,819,300	China Minsheng Banking Corp. Ltd. - H Shares		2,675,867
	186,000	China Modern Dairy Holdings Ltd.(a)		26,585
	114,000	China Molybdenum Co. Ltd. - H Shares		36,080
	594,834	China National Building Material Co. Ltd. - H Shares		502,530
	92,000	China Oilfield Services Ltd. - H Shares		128,444
	2,650,500	China Railway Construction Corp. Ltd. - H Shares		2,902,174
	4,945,000	China Railway Group Ltd. - H Shares		2,984,941
	199,000	China Reinsurance Group Corp.		32,507
	18,500	China Resources Medical Holdings Co. Ltd.		10,648
	68,500	China Resources Pharmaceutical Group Ltd.		63,378
	9,076,400	China SCE Group Holdings Ltd.		4,169,889
	168,000	China Silver Group Ltd.(a)		18,867
	150,000	China Southern Airlines Co. Ltd. - H Shares		92,650
	77,000	China Sunshine Paper Holdings Co. Ltd.		10,907
	69,000	China Suntien Green Energy Corp. Ltd. - H Shares		20,077
	164,000	China Taifeng Beddings Holdings Ltd.(a),(b)		0
	5,888,000	China Telecom Corp. Ltd. - H Shares		2,509,705
	31,000	China XLX Fertiliser Ltd.		7,912

Shares			Value
CHINA (continued)
	34,000	China Yuhua Education Corp. Ltd.	$	19,569
	264,800	China Zhongwang Holdings Ltd.		110,165
	164,000	Chinasoft International Ltd.		70,741
	4,094,000	Chongqing Rural Commercial Bank Co. Ltd. - H Shares		2,189,123
	461,923	CIFI Holdings Group Co. Ltd.		309,483
	21,000	Colour Life Services Group Co. Ltd.		11,926
	26,000	Consun Pharmaceutical Group Ltd.		15,595
	1,015,600	Coolpad Group Ltd.(a)		29,551
	280,093	COSCO SHIPPING Development Co. Ltd. - H Shares		31,455
	106,000	COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares		45,723
	66,500	COSCO SHIPPING Holdings Co. Ltd. - H Shares(a)		24,950
	127,000	Cosmo Lady China Holdings Co. Ltd.		18,801
	44,000	Country Garden Services Holdings Co. Ltd.		149,644
	62,000	CPMC Holdings Ltd.		24,844
	18,500	CSC Financial Co. Ltd. - H Shares		12,867
	184,000	CSPC Pharmaceutical Group Ltd.		473,153
	302,000	CT Environmental Group Ltd.(a),(b)		9,828
	104,000	Da Ming International Holdings Ltd.		23,492
	112,000	Dali Foods Group Co. Ltd.		76,754
	525,000	Dalian Port PDA Co. Ltd. - H Shares		66,329
	92,000	Datang International Power Generation Co. Ltd. - H Shares		18,198
	168,000	Dongfeng Motor Group Co. Ltd. - H Shares		168,944
	9,800	Dongjiang Environmental Co. Ltd. - H Shares		8,192
	179,000	Dongyue Group Ltd.		84,064
	95,000	Dynagreen Environmental Protection Group Co. Ltd. - H Shares		38,189
	15,400	ENN Energy Holdings Ltd.		176,484
	14,200	Everbright Securities Co. Ltd. - H Shares		10,094
	334,500	Fantasia Holdings Group Co. Ltd.		50,799
	84,000	FIH Mobile Ltd.(a)		12,006
	110,500	Fosun International Ltd.		144,965
	38,000	Fu Shou Yuan International Group Ltd.		33,607
	227,600	Fufeng Group Ltd.		105,145

Shares			Value
CHINA (continued)
	142,000	Future Land Development Holdings Ltd.	$	150,228
	24,400	Fuyao Glass Industry Group Co. Ltd. - H Shares		69,128
	71,000	Genertec Universal Medical Group Co. Ltd.		48,566
	32,000	Golden Eagle Retail Group Ltd.		35,284
	1,007,600	GOME Retail Holdings Ltd.(a)		91,297
	66,000	Goodbaby International Holdings Ltd.(a)		9,602
	49,500	Grand Baoxin Auto Group Ltd.(a)		9,981
	409,500	Great Wall Motor Co. Ltd. - H Shares		333,413
	73,000	Greatview Aseptic Packaging Co. Ltd.		36,798
	169,000	Greenland Hong Kong Holdings Ltd.		58,447
	3,174,500	Greentown China Holdings Ltd.		2,937,120
	34,000	Greentown Service Group Co. Ltd.		38,660
	124,000	Guangshen Railway Co. Ltd. - H Shares		39,720
	6,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares		19,028
	2,806,800	Guangzhou R&F Properties Co. Ltd. - H Shares		4,362,818
	204,000	Guorui Properties Ltd.		39,311
	86,000	Haichang Ocean Park Holdings Ltd.(a)		9,439
	569	Hailiang Education Group, Inc. - ADR(a)		37,685
	32,000	Haitian International Holdings Ltd.		75,713
	42,000	Harbin Electric Co. Ltd. - H Shares(a)		10,720
	63,000	Harmonicare Medical Holdings Ltd(a),(b)		12,301
	47,000	HC Group, Inc.(a)		17,034
	33,000	Hengan International Group Co. Ltd.		230,782
	448,000	HengTen Networks Group Ltd.(a)		6,460
	5,000	Hiroca Holdings Ltd.		10,479
	36,000	Hisense Home Appliances Group Co. Ltd. - H Shares		33,308
	337,000	Honghua Group Ltd.(a)		20,858
	24,500	Honworld Group Ltd.		12,663
	68,000	HOSA International Ltd.(a),(b)		472
	23,000	Hua Hong Semiconductor Ltd.		46,435
	48,000	Huadian Power International Corp. Ltd. - H Shares		18,009
	138,000	Huan Yue Interactive Holdings Ltd.(a)		8,982
	762,000	Huaneng Renewables Corp. Ltd. - H Shares		291,732
	4,773	Huazhu Group Ltd. - ADR		180,706

Shares			Value
CHINA (continued)
	183,700	Huishang Bank Corp. Ltd. - H Shares	$	72,440
	5,202,000	Industrial & Commercial Bank of China Ltd. - H Shares		3,744,189
	11,900	Inner Mongolia Yitai Coal Co. Ltd. - H Shares		7,851
	90,900	JD.com, Inc. - ADR(a)		2,831,535
	30,000	Jiangsu Expressway Co. Ltd. - H Shares		39,893
	77,000	Jiangxi Copper Co. Ltd. - H Shares		90,306
	63,000	Jingrui Holdings Ltd.		22,110
	3,567	Jinkosolar Holding Co., Ltd. - ADR(a)		51,507
	987,000	Kaisa Group Holdings Ltd.		433,295
	17,000	Kasen International Holdings Ltd.(a)		10,522
	5,600,000	Kingdee International Software Group Co. Ltd.		6,160,325
	23,000	Kingsoft Corp. Ltd.(a)		53,127
	99,500	KWG Property Holding Ltd.		100,567
	41,600	Legend Holdings Corp. - H Shares		91,737
	416,000	Lenovo Group Ltd.		290,926
	1,602	LexinFintech Holdings Ltd. - ADR(a)		18,167
	80,000	Leyou Technologies Holdings Ltd.(a)		26,544
	49,000	Li Ning Co. Ltd.		166,649
	128,000	Lifetech Scientific Corp.(a)		21,726
	96,000	Logan Property Holdings Co. Ltd.		146,770
	280,000	Lonking Holdings Ltd.		77,897
	56,500	Luye Pharma Group Ltd.		41,892
	4,759,600	Maanshan Iron & Steel Co. Ltd. - H Shares		1,803,995
	151,000	Maoye International Holdings Ltd.		9,346
	303,000	Metallurgical Corp. of China Ltd. - H Shares		64,189
	86	Microport Scientific Corp.		89
	66,000	Minth Group Ltd.		234,152
	279,800	Modern Land China Co. Ltd.		38,564
	6,657	Momo, Inc. - ADR		223,143
	1,049	Noah Holdings Ltd. - ADR(a)		31,774
	273,000	NVC Lighting Holdings Ltd.		39,020
	4,000	On-Bright Electronics, Inc.		23,587
	54,000	O-Net Technologies Group Ltd.		30,666
	18,000	Orient Securities Co. Ltd. - China - H Shares		10,084
	59,000	Ozner Water International Holding Ltd.(a)		11,219
	7,769,715	People’s Insurance Co. Group of China Ltd. (The) - H Shares		3,282,022
	6,812,000	Postal Savings Bank of China Co. Ltd. - H Shares		4,372,713

Shares			Value
CHINA (continued)
	486,000	Powerlong Real Estate Holdings Ltd.	$	323,134
	113,000	Qingdao Port International Co. Ltd. - H Shares		64,893
	212,500	Qinhuangdao Port Co. Ltd. - H Shares		39,593
	432,449	Qudian, Inc. - ADR(a)		2,996,872
	261,000	Qunxing Paper Holdings Co. Ltd.(a),(b)		12,590
	67,000	Real Gold Mining Ltd.(a),(b)		2,249
	32,016	Red Star Macalline Group Corp. Ltd. - H Shares		25,700
	78,000	Redco Properties Group Ltd.		50,368
	33,000	Regal International Airport Group Co. Ltd.(a)		21,773
	87,000	Ronshine China Holdings Ltd.		97,370
	69,000	Sany Heavy Equipment International Holdings Co. Ltd.		36,279
	356,580	Semiconductor Manufacturing International Corp.(a)		454,601
	58,000	Shandong Chenming Paper Holdings Ltd. - H Shares		24,204
	80,000	Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares		91,986
	32,000	Shandong Xinhua Pharmaceutical Co. Ltd. - H Shares		14,947
	52,000	Shanghai Electric Group Co. Ltd. - H Shares		15,927
	12,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares		33,997
	25,000	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares		17,962
	3,900	Shanghai Haohai Biological Technology Co. Ltd. - H Shares		22,546
	54,100	Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares		97,900
	53,000	Shengjing Bank Co. Ltd. - H Shares		35,712
	32,000	Shenzhen Expressway Co. Ltd. - H Shares		42,879
	211,881	Shui On Land Ltd.		42,723
	206,000	Sihuan Pharmaceutical Holdings Group Ltd.		27,078
	2,000	Silergy Corp.		56,372
	5,295	SINA Corp./China(a)		209,681
	4,675,562	Sino-Ocean Land Holdings Ltd.		1,724,408
	38,500	Sinopec Engineering Group Co. Ltd. - H Shares		22,061
	114,000	Sinopec Oilfield Service Corp. - H Shares(a)		12,221
	198,000	Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		55,085

Shares			Value
CHINA (continued)
	104,400	Sinopharm Group Co. Ltd. - H Shares	$	375,048
	54,000	Sinosoft Technology Group Ltd.		11,164
	319,000	Sinotrans Ltd. - H Shares		94,040
	93,500	Sinotruk Hong Kong Ltd.		141,754
	214,000	Skyfame Realty Holdings Ltd.		30,041
	100,500	SOHO China Ltd.		34,372
	230,000	Springland International Holdings Ltd.(b)		41,386
	20,800	Sunny Optical Technology Group Co. Ltd.		336,582
	69,000	Sunshine 100 China Holdings Ltd.(a)		12,328
	16,000	Tenfu Cayman Holdings Co. Ltd.		11,945
	255,000	Tenwow International Holdings Ltd.(a),(b)		2,320
	56,000	Tian Ge Interactive Holdings Ltd.(a)		15,008
	36,000	Tian Shan Development Holdings Ltd.		8,867
	52,000	Tiangong International Co. Ltd.		18,581
	100,000	Tianneng Power International Ltd.		65,467
	110,000	Tingyi Cayman Islands Holding Corp.		146,555
	31,000	Tong Ren Tang Technologies Co. Ltd. - H Shares		30,897
	12,800	Tonly Electronics Holdings Ltd.		9,572
	27,500	TravelSky Technology Ltd. - H Shares		62,819
	84,000	Trigiant Group Ltd.		14,686
	201,000	Trony Solar Holdings Co. Ltd.(a),(b)		0
	12,000	Tsingtao Brewery Co. Ltd. - H Shares		69,755
	1,225,875	UBS Beijing Capital Retailing Group Co. Ltd. - A Shares(a)		1,020,590
	1,392,100	UBS Beijing Hualian Hypermarket Co. Ltd. - A Shares(a)		729,795
	1,444,199	UBS Better Life Commercial Chain Share Co. Ltd. - A Shares(a)		1,713,253
	2,158,500	UBS China Railway Tielong Container Logistics Co. Ltd - A Shares(a)		1,787,842
	3,867,454	Ubs Csg Holding Co. Ltd. Note(a)		2,379,142
	3,379,400	UBS Daqin Railway Co. Ltd. - A Shares(a)		3,663,303
	646,955	Ubs Fujian Star-Net Communicat (Connect) Pnote(a)		2,882,424
	2,343,845	UBS Guangxi Liugong Machinery Co. Ltd. - A Shares(a)		2,084,545
	1,062,294	UBS MLS Co. Ltd. - A Shares(a)		1,637,505

Shares			Value
CHINA (continued)
	2,453,180	UBS Ping An Bank Co. Ltd. - A Shares(a)	$	5,667,067
	4,773,200	UBS Rizhao Port Co. Ltd. - A Shares(a)		1,953,050
	2,024,600	UBS Shandong Haihua Co. Ltd. - A Shares(a)		1,265,618
	5,113,160	UBS Shandong Nanshan Aluminum Co. Ltd. - A Shares(a)		1,532,772
	2,141,697	UBS Wuxi Taiji Industry Co. Ltd. - A Shares(a)		2,218,156
	974,100	UBS Xiamen King Long Motor Group Co. Ltd. - A Shares(a)		972,892
	1,776,023	Ubs Yunnan Copper Co. Ltd. Note(a)		2,646,860
	83,400	Uni-President China Holdings Ltd.		86,210
	32,746	Vipshop Holdings Ltd. - ADR(a)		377,889
	229,000	Want Want China Holdings Ltd.		193,465
	1,933	Weibo Corp. - ADR(a)		95,084
	382,000	West China Cement Ltd.		61,425
	14,500	Xiabuxiabu Catering Management China Holdings Co. Ltd.		19,393
	504,000	Xiamen International Port Co. Ltd. - H Shares		70,751
	120,012	Xingda International Holdings Ltd.		33,541
	15,000	Xingfa Aluminium Holdings Ltd.		15,505
	70,257	Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares		84,011
	192,160	Xinyi Solar Holdings Ltd.		108,882
	6,226	Xinyuan Real Estate Co. Ltd. - ADR		22,787
	62,259	Xtep International Holdings Ltd.		36,231
	34,000	Yadea Group Holdings Ltd.		7,376
	11,000	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shares		17,351
	288,000	Yanzhou Coal Mining Co. Ltd. - H Shares		292,927
	8,400	YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares		51,670
	20,000	Yihai International Holding Ltd.		136,295
	1,342	Yirendai Ltd. - ADR(a)		8,683
	104,500	Youyuan International Holdings Ltd.(a),(b)		3,467
	90,220	Yuzhou Properties Co. Ltd.		38,225
	3,404	YY Inc. - ADR(a)		193,483
	171,400	Zai Lab Ltd. - ADR(a)		5,791,606
	43,000	Zhaojin Mining Industry Co. Ltd. - H Shares		47,796

Shares			Value
CHINA (continued)
	28,000	Zhejiang Expressway Co. Ltd. - H Shares	$	22,976
	40,000	Zhejiang Glass Co. Ltd. - H Shares(a),(b)		0
	34,500	Zhongsheng Group Holdings Ltd.		114,693
	17,900	Zhuzhou CRRC Times Electric Co. Ltd. - H Shares		66,589
	214,000	Zijin Mining Group Co. Ltd. - Class H		74,010
	4,015,000	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares		2,956,444
				143,050,308
CZECH REPUBLIC — 0.0%
	282,500	Central European Media Enterprises Ltd. - Class A(a)		1,267,013
DENMARK — 0.9%
	19,860	ALK-Abello A/S(a)		4,266,218
	12,557	Alm Brand A/S		102,161
	8,231	Amagerbanken A/S(a),(b)		0
	3,554	Ambu A/S - B Shares		55,813
	1,075	Bavarian Nordic A/S(a)		25,283
	1,192	Brodrene Hartmann A/S		47,511
	13,371	Columbus A/S		17,785
	2,553	D/S Norden A/S		37,311
	4,589	Demant A/S(a)		121,117
	5,709	Dfds A/S		224,651
	5,051	FLSmidth & Co. A/S		180,738
	43,644	Genmab A/S(a)		9,512,187
	204,736	GN Store Nord A/S		8,997,772
	58,727	H. Lundbeck A/S		2,003,212
	11,608	H+H International A/S - Class B(a)		180,216
	169	Harboes Bryggeri A/S - Class B(a)		1,665
	14,183	ISS A/S		371,153
	84	Jeudan A/S		14,044
	3,232	Jyske Bank A/S(a)		107,447
	171,742	Matas A/S		1,315,215
	3,263	Nilfisk Holding A/S(a)		55,140
	2,606	NKT A/S(a)		45,672
	1,294	NNIT A/S		18,544
	4,279	North Media AS		23,890
	5,246	Pandora A/S		257,961
	1,840	Parken Sport & Entertainment A/S		27,742
	8,246	Per Aarsleff Holding A/S		257,272
	2,702	Ringkjoebing Landbobank A/S		186,552
	919	Rockwool International A/S - A Shares		172,858
	453	Rockwool International A/S - B Shares		88,993
	101,859	Royal Unibrew A/S		8,350,893
	1,258	RTX A/S		29,221

Shares			Value
DENMARK (continued)
	5,456	Scandinavian Tobacco Group A/S	$	64,466
	930	Schouw & Co.		66,667
	121,954	SimCorp A/S		10,895,902
	1,395	Solar A/S - Class B		58,517
	64,228	Spar Nord Bank A/S		627,054
	3,736	Sydbank A/S		73,283
	2,492	TCM Group A/S		41,665
	120	Tivoli A/S		12,289
	47,227	Topdanmark A/S		2,115,021
	179,350	Tryg A/S		5,009,313
	18,609	Vestjysk Bank A/S(a)		10,306
	866	Zealand Pharma AS(a)		25,804
				56,096,524
FAEROE ISLANDS — 0.0%
	1,441	Bakkafrost		90,100
	662	BankNordik P/F		10,772
				100,872
FINLAND — 0.2%
	7,394	Adapteo Oyj(a)		81,064
	6,262	Afarak Group Oyj(a)		3,988
	8,918	Aktia Bank Oyj		86,831
	4,177	Alma Media Oyj		32,983
	1,171	Asiakastieto Group Oyj		38,005
	5,440	Aspo Oyj		49,751
	5,681	Atria Oyj		53,856
	3,664	Cargotec Oyj - Class B		128,315
	5,077	Caverion Oyj		37,938
	1,819	Citycon Oyj		19,050
	1,471	Cramo Oyj		15,586
	2,890	Digia Oyj		12,313
	9,841	Elisa Oyj		537,478
	188,204	Finnair Oyj		1,227,938
	6,966	Fiskars Oyj Abp		93,230
	24,454	Huhtamaki Oyj		1,131,852
	2,500	Ilkka-Yhtyma Oyj		10,540
	30,191	Kemira Oyj		489,928
	2,315	Kesko Oyj - A Shares		142,522
	13,374	Kesko Oyj - B Shares		890,188
	8,173	Konecranes Oyj		252,039
	22,289	Lassila & Tikanoja Oyj		359,460
	8,843	Metsa Board Oyj		58,535
	6,367	Metso Oyj		240,586
	6,587	Nokian Renkaat Oyj		188,070
	1,595	Olvi Oyj - Class A		67,687
	81,492	Oriola Oyj - Class B		187,229
	4,633	Orion Oyj - Class A		203,587
	82,498	Orion Oyj - Class B		3,656,477
	9,049	Outotec Oyj(a)		58,213
	1,885	Ponsse Oyj		58,760
	13,137	Raisio Oyj - V Shares		45,860
	848	Remedy Entertainment Oyj(a)		9,344
	1,307	Revenio Group Oyj		38,556
	102,332	Sanoma Oyj		1,069,406

Shares			Value
FINLAND (continued)
	57,453	Stora Enso Oyj - Class R	$	744,899
	861	Talenom Oyj		33,898
	1,099	Teleste Oyj		7,134
	2,486	Tieto Oyj		70,702
	2,154	Tikkurila Oyj		34,354
	106,390	Tokmanni Group Corp.		1,362,179
	7,022	Uponor Oyj		91,708
	2,873	Vaisala Oyj - Class A		86,034
	67,476	Valmet Oyj		1,508,129
	27,403	Wartsila Oyj Abp		289,183
	9,140	YIT Oyj		54,843
				15,860,228
FRANCE — 1.0%
	1,676	ABC Arbitrage		12,524
	25,020	Air France-KLM(a)		297,884
	5,982	AKWEL		118,757
	9,940	Albioma SA		257,751
	5,333	Alstom SA		230,481
	151	Altarea SCA REIT		33,177
	5,136	Alten SA		563,939
	19,270	Altran Technologies SA		305,829
	4,312	Amplitude Surgical SAS(a)		7,502
	1,731	ARGAN SA REIT		135,527
	10,091	Arkema SA		1,031,361
	2,563	Assystem SA		95,188
	11,100	Atos SE		859,408
	302	Aubay		10,509
	703	Axway Software SA		8,389
	769	Baikowski SAS(a)		12,524
	612	Bastide le Confort Medical		26,210
	3,577	Beneteau SA		33,352
	9,026	Bigben Interactive		137,310
	1,783	BioMerieux		145,862
	1,109	Boiron SA		39,394
	7,843	Bonduelle SCA		203,812
	15,583	Bureau Veritas SA		397,822
	117	Burelle SA		105,958
	6,600	Casino Guichard Perrachon SA		356,051
	1,521	Cegedim SA(a)		47,074
	318,059	Cellectis SA(a)		3,724,677
	1,083,520	CGG SA(a)		2,515,992
	812	Chargeurs SA		13,784
	3,995	Cie des Alpes		119,633
	7,211	Cie Plastic Omnium SA		197,039
	25,235	Coface SA(a)		275,817
	1,476	Covivio REIT		167,088
	238,461	Derichebourg SA		858,504
	423	Devoteam SA		35,855
	11,512	Edenred		606,016
	9,413	Eiffage SA		1,011,198
	410	Electricite de Strasbourg SA		49,614
	2,902	Elior Group SA		37,512
	34,971	Elis SA		668,124
	1,613	Eramet		80,486
	826	Esso SA Francaise(a)		20,175

Shares			Value
FRANCE (continued)
	61,511	Eutelsat Communications SA	$	1,166,254
	1,226	Exel Industries SA - Class A		53,464
	19,399	Faurecia SE		903,939
	1,058	FFP		124,371
	296	Fleury Michon SA		9,904
	926	Fnac Darty SA(a)		53,549
	73,616	Gaztransport Et Technigaz SA		6,703,784
	648	Gecina SA REIT		111,153
	26,478	Getlink SE		443,259
	11,036	GL Events		289,249
	1,031	Groupe Crit		76,697
	1,062	Groupe Guillin		18,951
	720	Groupe Open		8,930
	3,368	Guerbet		188,568
	76	Haulotte Group SA		415
	848	HEXAOM		31,873
	895	ICADE REIT		87,641
	172	ID Logistics Group(a)		32,880
	3,445	Iliad SA		356,557
	1,569	Imerys SA		60,582
	2,784	Ingenico Group SA		297,272
	16,404	Innate Pharma SA(a)		99,069
	9,021	Interparfums SA		422,064
	17,508	IPSOS		527,220
	4,315	Jacquet Metal Service SA		73,343
	1,834	JCDecaux SA		50,114
	6,595	Kaufman & Broad SA		251,408
	3,552	Klepierre SA REIT		132,276
	140,114	Korian SA		5,938,226
	224,624	Lagardere SCA		5,015,472
	14,432	Latecoere SACA(a)		61,809
	863	Laurent-Perrier		85,663
	1,403	Le Belier		40,371
	15,454	Lectra		361,091
	1,180	Linedata Services		33,954
	8,448	LISI		296,795
	452	LNA Sante SA		23,845
	4,033	Maisons du Monde SA		55,730
	1,676	Manitou BF SA		34,207
	447	Manutan International		31,009
	15,811	Mersen SA		514,031
	19,785	Metropole Television SA		347,984
	24,605	Nexans SA		999,985
	11,967	Nexity SA		619,024
	5,130	NRJ Group		35,130
	1,268	Oeneo SA		14,397
	3,406	OL Groupe SA(a)		11,814
	1,714	Orpea		206,264
	339	Pierre & Vacances SA(a)		5,603
	3,591	Plastivaloire		24,271
	769	PSB Industries SA		17,411
	13,358	Publicis Groupe SA		574,325
	29,365	Quadient		628,160
	3,654	Rallye SA		34,029
	472	Remy Cointreau SA		63,118
	402,081	Rexel SA		4,977,693

Shares			Value
FRANCE (continued)
	112	Robertet SA	$	101,180
	16,545	Rothschild & Co.		465,006
	1,515	Rubis SCA		87,779
	104	Samse SA		20,182
	2,365	Savencia SA		157,206
	13,917	SCOR SE		586,407
	947	SEB SA		143,747
	2,052	Seche Environnement SA		77,812
	2,062	Societe BIC SA		143,159
	2,175	Societe pour l’Informatique Industrielle		57,733
	830	SOITEC(a)		91,320
	21,152	Solocal Group(a)		16,525
	3,066	Somfy SA		283,819
	9,593	Sopra Steria Group		1,314,916
	10,239	SPIE SA		215,830
	1,237	Stef SA		120,165
	17,568	Suez		273,820
	3,477	Synergie SA		98,692
	11,693	Technicolor SA(a)		9,761
	4,878	Teleperformance		1,105,496
	183,765	Television Francaise 1		1,541,247
	876	Thermador Groupe		54,126
	1,233	Trigano SA		111,045
	3,300	Ubisoft Entertainment SA(a)		194,845
	577	Union Financiere de France BQE SA		13,257
	27,094	Valeo SA		1,007,466
	55,408	Valneva SE(a)		155,109
	602	Vetoquinol SA		39,210
	1,475	Vicat SA		62,513
	1,831	VIEL & Cie SA		9,782
	1,635	Vilmorin & Cie SA		89,352
	11,558	Virbac SA(a)		2,816,603
	1,002	Vranken - Pommery Monopole SA		24,250
	1,412	Worldline S.A.(a)		85,748
				61,056,414
GABON — 0.0%
	311	Total Gabon		45,092
GEORGIA — 0.0%
	2,995	Bank of Georgia Group Plc		50,396
	5,317	Georgia Capital Plc(a)		67,014
				117,410
GERMANY — 1.1%
	6,244	1&1 Drillisch AG		166,995
	14,653	7C Solarparken AG		56,382
	3,835	Aareal Bank AG		128,828
	1,555	ADLER Real Estate AG(a)		17,933
	1,504	ADO Properties SA		61,225
	40,274	ADVA Optical Networking SE(a)		283,879
	40,347	AIXTRON SE(a)		368,092
	378	All for One Group AG		19,098

Shares			Value
GERMANY (continued)
	2,114	Allgeier SE	$	55,643
	178,832	Alstria Office REIT AG		3,350,781
	429	Amadeus Fire AG		54,162
	352	Atoss Software AG		52,803
	2,338	Aurubis AG		114,707
	8,322	Axel Springer SE(a)		580,095
	507	Basler AG		26,124
	15,773	Bauer AG		251,208
	2,096	BayWa AG		61,364
	1,729	Bechtle AG		187,340
	1,578	bet-at-home.com AG		83,984
	2,168	Bijou Brigitte AG		110,259
	3,351	Bilfinger SE		111,822
	1,050	Biotest AG - Preference Shares		25,471
	70,477	Borussia Dortmund GmbH & Co. KGaA		666,160
	15,068	Brenntag AG		756,240
	1,385	CANCOM SE		73,898
	42,850	Carl Zeiss Meditec AG		4,671,530
	15,457	CECONOMY AG(a)		78,007
	2,761	CENIT AG		37,568
	10,801	CENTROTEC Sustainable AG		189,851
	1,047	Cewe Stiftung & Co. KGaA		100,774
	3,909	comdirect bank AG		58,943
	50,197	Commerzbank AG		300,246
	2,016	CompuGroup Medical SE		129,061
	34,079	Covestro AG		1,636,257
	5,229	CropEnergies AG		40,882
	51,350	CTS Eventim AG & Co KGaA		3,106,932
	1,466	Dermapharm Holding SE		57,340
	25,640	Deutsche Lufthansa AG		444,529
	12,324	Deutsche Pfandbriefbank AG		168,376
	135,864	Deutz AG		757,645
	27,475	DIC Asset AG		383,036
	3,464	DMG Mori AG		164,194
	464	Dr Hoenle AG		24,115
	551	Draegerwerk AG & Co. KGaA		23,106
	14,782	Draegerwerk AG & Co. KGaA - Preference Shares		866,358
	3,940	Duerr AG		116,185
	2,821	Eckert & Ziegler Strahlen- und Medizintechnik AG		493,963
	7,918	Elmos Semiconductor AG		222,098
	961	Energiekontor AG		21,007
	4,661	Evotec SE(a)		106,515
	1,111	Fielmann AG		85,746
	763	First Sensor AG		29,614
	7,169	Fraport AG Frankfurt Airport Services Worldwide		599,189
	16,338	Freenet AG		362,522
	1,136	FUCHS PETROLUB SE		45,801
	2,915	Fuchs Petrolub SE - Preference Shares		124,452
	8,712	GEA Group AG		266,329
	4,747	Gerresheimer AG		382,515
	3,642	Gesco AG		76,852

Shares			Value
GERMANY (continued)
	2,294	GFT Technologies SE	$	20,161
	350	Grammer AG		12,374
	489	GRENKE AG		46,276
	3,242	Hamborner AG REIT		34,892
	37,309	Hamburger Hafen und Logistik AG		966,201
	5,298	Hapag-Lloyd AG		385,258
	291	Hawesko Holding AG		10,840
	53,051	Heidelberger Druckmaschinen AG(a)		68,930
	4,049	Hella GmbH & Co. KGaA		196,981
	1,172	HOCHTIEF AG		146,137
	1,232	Hornbach Baumarkt AG		26,107
	3,726	Hornbach Holding AG & Co KGaA		225,234
	3,768	HUGO BOSS AG		158,516
	5,512	Indus Holding AG		210,246
	1,032	Isra Vision AG		48,756
	1,149	Jenoptik AG		34,216
	5,780	Jungheinrich AG - Preference Shares		146,592
	11,079	K+S AG		157,668
	7,052	KION Group AG		468,602
	1,745	Koenig & Bauer AG		57,646
	1,347	Krones AG		88,110
	210	KSB SE & Co. KGaA		66,985
	170	KSB SE & Co. KGaA		52,519
	2,185	KWS Saat SE & Co. KGaA		146,947
	18,099	LANXESS AG		1,176,833
	2,823	LEG Immobilien AG		323,980
	2,138	Leifheit AG		51,029
	3,242	Leoni AG(a)		38,490
	4,326	LPKF Laser & Electronics AG(a)		67,065
	466	Manz AG(a)		9,968
	1,297	MasterFlex SE		7,739
	2,685	Mensch und Maschine Software SE		111,698
	83,863	METRO AG		1,365,573
	5,961	MLP SE		30,449
	115,131	MorphoSys AG(a)		12,538,804
	1,821	MTU Aero Engines AG		486,211
	5,868	Nemetschek SE		298,433
	541	New Work SE		170,454
	530	Nexus AG		18,797
	5,156	Nordex SE(a)		67,511
	2,170	Norma Group SE		79,770
	981	OHB SE		38,950
	15,988	OSRAM Licht AG		713,256
	4,429	Patrizia AG		90,742
	263	Pfeiffer Vacuum Technology AG		41,153
	18,266	PNE AG		81,285
	960	Progress-Werk Oberkirch AG		26,125
	8,839	ProSiebenSat.1 Media SE		130,522
	1,157	PSI Software AG		24,518
	3,452	Puma SE		259,683

Shares			Value
GERMANY (continued)
	35,476	QSC AG	$	48,904
	870	R Stahl AG(a)		25,810
	158	Rational AG		120,268
	9,061	Rheinmetall AG		1,089,903
	1,725	RHOEN-KLINIKUM AG		35,554
	4,230	RIB Software AG		109,545
	7,393	SAF-Holland SA		52,193
	26,151	Schaeffler AG - Preference Shares		220,496
	1,854	Schaltbau Holding AG(a)		62,860
	4,609	Scout24 AG		285,036
	330	Secunet Security Networks AG		42,694
	27,749	Siltronic AG		2,637,427
	361,895	Sirius Real Estate Ltd.		344,555
	888	Sixt Leasing SE		11,112
	1,152	Sixt SE		112,551
	1,830	Sixt SE - Preference Shares		124,093
	431	SMA Solar Technology AG(a)		13,469
	977	Softing AG		8,456
	24,341	Software AG		773,704
	3,105	Sto Se & Co. KGAA - Preference Shares		339,375
	148	STRATEC SE		11,175
	2,297	Stroeer SE & Co. KGaA		184,965
	4,202	Suedzucker AG		60,549
	2,504	Suess MicroTec AG(a)		27,704
	2,878	Surteco Group SE		63,298
	516,136	TAG Immobilien AG		12,537,577
	8,346	Takkt AG		99,226
	6,947	Talanx AG		319,992
	695	Technotrans SE		13,177
	103,302	Telefonica Deutschland Holding AG		327,780
	16,128	ThyssenKrupp AG		230,151
	4,769	TLG Immobilien AG		139,620
	524	Traffic Systems SE		12,857
	38,099	TUI AG		498,452
	13,263	Uniper SE		413,295
	20,431	United Internet AG		615,468
	7,856	VERBIO Vereinigte BioEnergie AG		79,207
	2,422	VIB Vermoegen AG		75,365
	2,097	Villeroy & Boch AG - Preference Shares		32,860
	2,349	Vossloh AG		96,017
	2,883	Wacker Chemie AG		226,365
	3,432	Wacker Neuson SE		58,640
	841	Washtec AG		42,302
	13,640	Wuestenrot & Wuerttembergische AG		279,305
				68,764,615
GIBRALTAR — 0.0%
	11,850	888 Holdings Plc		27,568
GREECE — 0.2%
	3,578	Aegean Airlines SA		32,722

Shares			Value
GREECE (continued)
	96	Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a),(b)	$	0
	1,881,161	Alpha Bank AE(a)		4,009,389
	1,924	Autohellas SA		14,849
	733	Bank of Greece		11,527
	10,097	Ellaktor SA(a)		20,698
	2,818,956	Eurobank Ergasias SA(a)		2,854,735
	4,916	GEK Terna Holding Real Estate Construction SA(a)		37,393
	2,495	JUMBO SA		48,697
	2,125	Mytilineos Holdings SA		23,250
	755,056	National Bank of Greece SA(a)		2,560,026
	205,619	OPAP SA		2,235,936
	35,269	Piraeus Bank SA(a)		123,120
	22,848	Proton Bank SA(a),(b)		0
	2,633	Sarantis SA		23,258
	12,534	T Bank SA(a),(b)		0
	2,904	Terna Energy SA		23,708
	210	Thessaloniki Port Authority SA		6,277
	31,091	TT Hellenic Postbank SA(a),(b)		0
				12,025,585
HONG KONG — 1.0%
	215,000	Agritrade Resources Ltd.		18,383
	430,000	Alibaba Pictures Group Ltd.(a)		70,789
	1,273,693	Allied Properties HK Ltd.		250,319
	58,000	AMVIG Holdings Ltd.		14,952
	210,000	Analogue Holdings Ltd.		28,140
	144,250	APT Satellite Holdings Ltd.		55,226
	144,000	Asia Financial Holdings Ltd.		76,815
	5,300	ASM Pacific Technology Ltd.		74,198
	74,000	Associated International Hotels Ltd.		188,873
	18,000	Ausnutria Dairy Corp. Ltd.		26,922
	37,800	Bank of East Asia Ltd. (The)		91,172
	29,000	Beijing Enterprises Holdings Ltd.		136,748
	418,000	Beijing Enterprises Water Group Ltd.		218,710
	504,000	Bel Global Resources Holdings Ltd.(a),(b)		0
	204,000	Bright Smart Securities & Commodities Group Ltd.		33,844
	289,000	Brightoil Petroleum Holdings Ltd.(a),(b)		55,322
	108,000	Brilliance China Automotive Holdings Ltd.		119,633
	1,644,354	Brockman Mining Ltd.(a)		30,428
	2,266,667	Build King Holdings Ltd.		260,339
	1,158,789	Cafe de Coral Holdings Ltd.		3,164,656
	28,000	Camsing International Holding, Ltd.(b)		4,145
	92,000	Carrianna Group Holdings Co. Ltd.		9,393
	55,000	Cathay Pacific Airways Ltd.		70,330

Shares			Value
HONG KONG (continued)
	166,800	Century City International Holdings Ltd.	$	12,133
	564,000	CGN New Energy Holdings Co. Ltd.		84,932
	7,036,000	Champion REIT		4,669,147
	137,082	Cheuk Nang Holdings Ltd.		67,352
	85,873	Chevalier International Holdings Ltd.		121,862
	138,137	China Agri-Industries Holdings Ltd.		45,658
	47,000	China Everbright Greentech Ltd.		26,271
	56,222	China Everbright International Ltd.		42,547
	525,600	China Fiber Optic Network System Group Ltd.(a),(b)		3,521
	66,000	China Flavors & Fragrances Co. Ltd.		14,571
	98,000	China Foods Ltd.		40,396
	88,000	China Grand Pharmaceutical and Healthcare Holdings Ltd.		50,536
	6,603,000	China High Precision Automation Group Ltd.(a),(b)		0
	29,000	China High Speed Transmission Equipment Group Co. Ltd.		17,135
	322,000	China Jinmao Holdings Group Ltd.		214,915
	24,000	China Merchants Port Holdings Co. Ltd.		37,611
	193,200	China Metal Recycling Holdings Ltd.(a),(b)		0
	1,010,000	China Oil and Gas Group Ltd.		43,824
	111,000	China Overseas Grand Oceans Group Ltd.		57,654
	120,000	China Overseas Property Holdings Ltd.		73,507
	113,333	China Power International Development Ltd.		23,720
	298,440	China Resources Cement Holdings Ltd.		327,540
	36,800	China Resources Gas Group Ltd.		222,135
	44,000	China Resources Power Holdings Co. Ltd.		55,421
	168,000	China Ruifeng Renewable Energy Holdings Ltd.(a)		7,718
	892,000	China South City Holdings Ltd.		103,589
	142,000	China State Construction Development Holdings Ltd.		14,679
	252,870	China State Construction International Holdings Ltd.		232,993
	150,600	China Taiping Insurance Holdings Co. Ltd.		340,178
	152,000	China Traditional Chinese Medicine Holdings Co. Ltd.		68,086
	2,612,000	China Unicom Hong Kong Ltd.		2,590,017
	60,000	China Vast Industrial Urban Development Co. Ltd.		23,277

Shares			Value
HONG KONG (continued)
	34,000	China Water Affairs Group Ltd.	$	26,034
	128,000	China Water Industry Group Ltd.(a)		7,922
	418,715	Chow Sang Sang Holdings International Ltd.		489,466
	110,000	Chu Kong Shipping Enterprises Group Co. Ltd.		18,390
	237,500	Chuang’s Consortium International Ltd.		46,373
	66,000	CIMC Enric Holdings Ltd.		35,881
	5,670,000	CITIC Telecom International Holdings Ltd.		2,156,292
	274,000	Citychamp Watch & Jewellery Group Ltd.(a)		59,444
	490,000	CK Life Sciences International Holdings, Inc.		22,199
	47,000	Clear Media Ltd.		21,593
	168,000	Comba Telecom Systems Holdings Ltd.		38,806
	940,000	Concord New Energy Group Ltd.		47,384
	22,000	Convenience Retail Asia Ltd.		10,585
	2,354,687	COSCO SHIPPING Ports Ltd.		1,854,072
	2,209,105	Cowell e Holdings, Inc.		352,399
	1,766,000	CP Pokphand Co. Ltd.		146,491
	1,359,335	CSI Properties Ltd.		48,573
	173,614	Dah Chong Hong Holdings Ltd.		79,319
	155,164	Dah Sing Banking Group Ltd.		200,788
	171,177	Dah Sing Financial Holdings Ltd.		637,877
	208,000	Dawnrays Pharmaceutical Holdings Ltd.		36,897
	244,000	DBA Telecommunication Asia Holdings Ltd.(a),(b)		11,851
	24,656	EcoGreen International Group Ltd.		4,468
	168,234	EganaGoldpfeil Holdings Ltd.(a),(b)		0
	198,416	Emperor International Holdings Ltd.		44,312
	2,900,000	Emperor Watch & Jewellery Ltd.		62,915
	215,300	Esprit Holdings, Ltd.(a)		41,214
	92,000	EVA Precision Industrial Holdings Ltd.		7,397
	108,000	Ever Sunshine Lifestyle Services Group Ltd.		66,157
	43,500	Fairwood Holdings Ltd.		114,635
	212,893	Far East Consortium International Ltd.		90,200
	309,000	Far East Horizon Ltd.		292,992
	3,166,000	First Pacific Co. Ltd.		1,212,106
	27,100	Fortune Real Estate Investment Trust REIT(a)		31,817
	170,000	Fountain SET Holdings Ltd.		27,336
	127,877	FSE Services Group Ltd.		59,565
	554,000	GCL-New Energy Holdings Ltd.(a)		18,028

Shares			Value
HONG KONG (continued)
	1,770,000	GCL-Poly Energy Holdings Ltd.(a)	$	71,153
	500,000	Gemdale Properties & Investment Corp. Ltd.		58,066
	3,122,000	Get Nice Holdings Ltd.		93,629
	80,000	Giordano International Ltd.		25,421
	220,000	Gold Peak Industries Holdings Ltd.		21,899
	86,000	Goldlion Holdings Ltd.		26,669
	3,000	Great Eagle Holdings Ltd.		10,146
	7,050,000	G-Resources Group Ltd.(a)		44,085
	188,600	Guotai Junan International Holdings Ltd.		31,770
	63,000	Haier Electronics Group Co. Ltd.		180,093
	149,000	Haitong International Securities Group Ltd.		43,354
	22,000	Hang Lung Group Ltd.		55,197
	133,267	Hanison Construction Holdings Ltd.		19,048
	114,000	Harbour Centre Development Ltd.		184,473
	8,500	Health and Happiness H&H International Holdings Ltd.		33,736
	2,436,142	Hengdeli Holdings Ltd.		102,595
	24,000	HK Electric Investments & HK Electric Investments Ltd.		23,951
	45,500	HKBN Ltd.		81,292
	29,441	HKC Holdings Ltd.		23,670
	630,400	HKR International Ltd.		262,266
	90,000	Hon Kwok Land Investment Co. Ltd.		37,673
	136,151	Hongkong & Shanghai Hotels Ltd. (The)		153,423
	112,000	Hopson Development Holdings Ltd.		108,199
	166,000	Hsin Chong Group Holdings Ltd.(a),(b)		7,415
	220,000	Hua Han Health Industry Holdings Ltd.(a),(b)		14,880
	5,000	Hysan Development Co. Ltd.		19,749
	8,000	IMAX China Holding, Inc.		18,173
	208,000	International Housewares Retail Co. Ltd.		48,576
	175,000	IPE Group Ltd.(a)		18,090
	5,476,331	IRC Ltd.(a)		81,768
	396,000	IT Ltd.		106,126
	66,905	ITC Properties Group Ltd.		12,551
	189,877	Johnson Electric Holdings Ltd.		347,480
	838,000	Joy City Property Ltd.		91,971
	134,000	Ju Teng International Holdings Ltd.		31,294
	6,002	K Wah International Holdings Ltd.		3,286
	25,500	Kerry Logistics Network Ltd.		40,743
	324,500	Kerry Properties Ltd.		1,051,857
	118,200	Kingboard Holdings Ltd.		316,017

Shares			Value
HONG KONG (continued)
	125,500	Kingboard Laminates Holdings Ltd.	$	115,315
	74,000	Kingmaker Footwear Holdings Ltd.		10,105
	249,000	Kowloon Development Co. Ltd.		313,953
	408,000	Kunlun Energy Co. Ltd.		380,615
	43,180	Lai Fung Holdings Ltd.		50,256
	48,900	Lai Sun Development Co. Ltd.		58,660
	120,640	Lai Sun Garment International Ltd.		129,324
	9,000	Lam Soon Hong Kong Ltd.		16,080
	68,000	Landsea Green Group Co. Ltd.		7,376
	24,000	Lee & Man Chemical Co. Ltd.		11,210
	292,200	Lee & Man Paper Manufacturing Ltd.		162,956
	13,500	Lee’s Pharmaceutical Holdings Ltd.		7,236
	5,234,000	Li & Fung Ltd.		574,435
	88,000	Lifestyle China Group Ltd.(a)		25,942
	16,000	Lifestyle International Holdings Ltd.		16,866
	430,269	Link REIT		4,692,027
	94,000	Liu Chong Hing Investment Ltd.		129,077
	21,000	Luk Fook Holdings International Ltd.		55,877
	38,000	LVGEM China Real Estate Investment Co. Ltd.		13,675
	1,298,000	Magnificent Hotel Investment Ltd.		28,160
	28,400	Man Wah Holdings Ltd.		19,390
	19,200	Mandarin Oriental International Ltd.		31,679
	338,000	Melco International Development Ltd.		899,355
	85,387	Midland Holdings Ltd.(a)		13,294
	109,000	Ming Fai International Holdings Ltd.		11,546
	429,000	Mingfa Group International Co. Ltd.(a),(b)		3,082
	702,000	Minmetals Land Ltd.		99,442
	36,000	Miramar Hotel & Investment Co. Ltd.		70,567
	170,000	Modern Dental Group Ltd.		37,532
	1,150,000	Nan Hai Corp. Ltd.		15,263
	6,000	NetDragon Websoft Ltd.		13,737
	97,000	New World Department Store China Ltd.(a)		15,350
	176,000	NewOcean Energy Holdings Ltd.(a)		28,525
	250,000	Nine Dragons Paper Holdings Ltd.		217,587
	1,468,000	Nissin Foods Co. Ltd.		1,326,379
	40,000	NOVA Group Holdings Ltd.		9,648
	76,000	NWS Holdings Ltd.		113,283
	44,788	Oriental Watch Holdings		10,288
	62,000	Overseas Chinese Town Asia Holdings Ltd.		19,385

Shares			Value
HONG KONG (continued)
	1,340,246	Pacific Andes International Holdings Ltd.(a),(b)	$	4,686
	207,000	Pacific Basin Shipping Ltd.		48,078
	39,000	Pacific Textile Holdings Ltd.		28,369
	201,240	Paliburg Holdings Ltd.		66,002
	334,000	Panda Green Energy Group Ltd.(a)		9,548
	76,000	PAX Global Technology Ltd.		33,267
	40,000	PC Partner Group Ltd.(a)		12,711
	125,394	PCCW Ltd.		74,571
	48,000	Peace Mark Holdings Ltd.(a),(b)		0
	2,784,000	Perfect Shape Medical Ltd.		1,009,011
	368,000	Pico Far East Holdings Ltd.		125,391
	4,216,000	Poly Property Group Co. Ltd.		1,528,014
	1,427,800	Polytec Asset Holdings Ltd.		176,745
	597,000	Pou Sheng International Holdings Ltd.		225,514
	91,000	Prinx Chengshan Cayman Holding Ltd.		89,305
	196,000	PT International Development Co. Ltd.(a)		10,505
	60,000	Public Financial Holdings Ltd.		23,277
	160,200	Regal Hotels International Holdings Ltd.		90,772
	46,000	Regina Miracle International Holdings, Ltd.		30,115
	7,000	Road King Infrastructure Ltd.		12,828
	275,000	Samson Holding Ltd.(a)		15,091
	116,000	SAS Dragon Holdings Ltd.		36,565
	27,095	Seaspan Corp.		293,710
	57,516	Shanghai Industrial Holdings Ltd.		107,164
	268,516	Shanghai Industrial Urban Development Group Ltd.		33,582
	880,000	Shanghai Zendai Property Ltd.(a)		7,075
	26,000	Shangri-La Asia Ltd.		26,710
	120,000	Shenwan Hongyuan HK Ltd.		17,764
	54,175	Shenzhen International Holdings Ltd.		110,342
	206,353	Shenzhen Investment Ltd.		81,372
	152,129	Shimao Property Holdings Ltd.		511,565
	128,000	Shougang Fushan Resources Group Ltd.		26,463
	106,000	Singamas Container Holdings Ltd.		11,904
	1,710,000	Sino Biopharmaceutical Ltd.		2,557,597
	148,000	Sinofert Holdings Ltd.		15,110
	102,000	Sinopec Kantons Holdings Ltd.		41,654
	21,000	SITC International Holdings Co. Ltd.		23,182
	24,000	SJM Holdings Ltd.		25,728
	108,878	Skyworth Group Ltd.		28,206
	202,500	SmarTone Telecommunications Holding Ltd.		175,987
	182,386	SMI Holdings Group Ltd.(a),(b)		11,638

Shares			Value
HONG KONG (continued)
	200,000	SOCAM Development Ltd.(a)	$	63,043
	1,740,000	South China Holdings Co. Ltd.(a)		40,192
	71,212	SSY Group Ltd.		59,616
	548,923	Stella International Holdings Ltd.		920,482
	578,000	Summit Ascent Holdings Ltd.(a)		89,990
	3,093,500	Sun Art Retail Group Ltd.		3,162,212
	309,801	Sun Hung Kai & Co. Ltd.		134,027
	1,094,000	Sunlight Real Estate Investment Trust REIT		742,741
	514,000	Tai Hing Group Holdings Ltd.		111,512
	144,000	Tang Palace China Holdings Ltd.		19,847
	66,000	Tao Heung Holdings, Ltd.		10,865
	86,666	TCL Electronics Holdings Ltd.		41,143
	43,600	Television Broadcasts Ltd.		71,888
	42,000	Texhong Textile Group Ltd.		42,558
	308,000	Texwinca Holdings Ltd.		69,965
	159,800	Tian An China Investment Co. Ltd.		77,494
	690,000	Tianjin Port Development Holdings Ltd.		63,400
	75,000	Tibet Water Resources Ltd.(a)		12,347
	1,464,000	Time Interconnect Technology Ltd.		85,008
	248,270	Tomson Group Ltd.		59,882
	330,000	Tongda Group Holdings Ltd.		26,953
	62,000	Top Spring International Holdings Ltd.		12,739
	47,235	Towngas China Co. Ltd.		36,469
	90,000	TPV Technology Ltd.		44,104
	30,400	Transport International Holdings Ltd.		80,307
	497,600	Tsit Wing International Holdings Ltd.		71,122
	98,000	Tsui Wah Holdings Ltd.		5,941
	279,000	Union Medical Healthcare Ltd.		206,510
	774,000	United Energy Group Ltd.(a)		157,053
	58,500	United Laboratories International Holdings Ltd. (The)		33,670
	44,000	Up Energy Development Group Ltd.(a),(b)		136
	1,101,300	Valuetronics Holdings Ltd.		546,420
	101,600	Victory City International Holdings Ltd.(a)		4,668
	7,000	Vinda International Holdings Ltd.		13,221
	14,000	Vitasoy International Holdings Ltd.		56,994
	79,600	VSTECS Holdings Ltd.		40,633
	231,896	VTech Holdings Ltd.		2,036,058
	240,000	Wai Kee Holdings Ltd.		146,402
	24,209,667	Wang On Group Ltd.		259,523
	68,622	Wasion Holdings Ltd.		34,066
	36,000	Wharf Holdings Ltd. (The)		81,869

Shares			Value
HONG KONG (continued)
	68,000	Wing On Co. International Ltd.	$	196,990
	182,000	Wing Tai Properties Ltd.		113,809
	60,000	Xinyi Glass Holdings Ltd.		67,611
	1,826,525	Yue Yuen Industrial Holdings Ltd.		5,151,411
	518,946	Yuexiu Property Co. Ltd.		114,572
	2,100,191	Yuexiu Transport Infrastructure Ltd.		1,940,465
	20,000	Zhongyu Gas Holdings Ltd.		19,372
	162,000	Zhuguang Holdings Group Co. Ltd.(a)		22,121
	306,000	Zhuhai Holdings Investment Group Ltd.		38,270
				61,905,110
HUNGARY — 0.0%
	8,996	Magyar Telekom Telecommunications Plc		13,405
	33,762	Richter Gedeon Nyrt		625,717
				639,122
INDIA — 0.5%
	116	3M India Ltd.(a)		36,778
	5,278	5Paisa Capital Ltd.(a)		12,691
	1,487	Aarti Drugs Ltd.		11,278
	5,956	Aarti Industries Ltd.		73,601
	297	Aarti Surfactants Ltd.(a),(b)		890
	1,662	ABB India Ltd.		34,178
	2,871	ACC Ltd.		63,470
	6,979	Adani Enterprises Ltd.		19,644
	59,679	Adani Gas Ltd.		123,769
	45,415	Adani Green Energy Ltd.(a)		57,434
	571,421	Adani Ports & Special Economic Zone Ltd.		3,188,671
	49,774	Adani Power Ltd.(a)		46,350
	28,080	Adani Transmission Ltd(a)		108,514
	7,689	Aditya Birla Capital Ltd.(a)		8,873
	12,792	Aegis Logistics Ltd.		30,948
	1,354	AIA Engineering Ltd.		33,087
	1,948	Ajanta Pharma Ltd.		28,857
	250	Akzo Nobel India Ltd.		7,465
	7,855	Alembic Pharmaceuticals Ltd.		60,915
	27,613	Allahabad Bank(a)		10,472
	2,907	Amara Raja Batteries Ltd.		27,954
	10,048	Ambuja Cements Ltd.		28,658
	26,000	Andhra Bank(a)		6,562
	1,878	Anup Engineering Ltd. (The)		12,885
	3,061	Apar Industries Ltd.		23,067
	684	APL Apollo Tubes Ltd.		14,011
	5,067	Apollo Hospitals Enterprise Ltd.		106,071
	38,391	Apollo Tyres Ltd.		103,002
	10,143	Arvind Fashions Ltd.(a)		64,880
	29,548	Arvind Ltd.		20,954
	66,084	Ashok Leyland Ltd.		71,508
	3,306	Ashoka Buildcon Ltd.(a)		4,796
	3,162	Astral Polytechnik Ltd.		49,794

Shares			Value
INDIA (continued)
	933	Atul Ltd.	$	56,500
	23,377	Aurobindo Pharma Ltd.		154,855
	3,997	Avanti Feeds Ltd.		25,553
	4,216	Bajaj Consumer Care Ltd.		14,943
	11,543	Bajaj Holdings & Investment Ltd.		597,210
	1,167	Balaji Amines Ltd.		5,330
	4,698	Balkrishna Industries Ltd.		58,599
	20,684	Balrampur Chini Mills Ltd.		47,519
	4,936	Bandhan Bank Ltd.		42,610
	57,043	Bank of Baroda(a)		78,171
	1,330	BASF India Ltd.		18,826
	1,477	Bata India Ltd.		37,626
	1,085	BEML Ltd.		15,842
	9,384	Berger Paints India Ltd.		69,716
	40,550	Bharat Electronics Ltd.		67,546
	12,322	Bharat Forge Ltd.		78,844
	1,748,525	Bharat Heavy Electricals Ltd.		1,394,062
	129	Bharat Rasayan Ltd.		10,447
	621,722	Bharti Airtel Ltd.		3,280,467
	2,062	Birla Corp. Ltd.		16,558
	15,210	Birlasoft Ltd.		14,282
	4,707	Bliss Gvs Pharma Ltd.		9,072
	311	Blue Dart Express Ltd.		10,553
	1,044	Blue Star Ltd.		12,391
	7,567	Bodal Chemicals Ltd.		8,199
	12,029	Bombay Dyeing & Manufacturing Co. Ltd.		13,822
	58	Bosch Ltd.		12,516
	10,933	Brigade Enterprises Ltd.		31,792
	8,367	Cadila Healthcare Ltd.		29,697
	5,574	Can Fin Homes Ltd.		31,026
	8,528	Canara Bank(a)		24,473
	7,476	Carborundum Universal Ltd.		33,797
	1,183	Care Ratings Ltd.		8,851
	2,644	CCL Products India Ltd.		7,716
	1,987	Ceat Ltd.		28,261
	4,533	Century Plyboards India Ltd.		10,430
	944	Century Textiles & Industries Ltd.		5,622
	1,713	CESC Ltd.		19,280
	342	CESC Ventures Ltd.(a)		1,662
	17,449	Chambal Fertilizers and Chemicals Ltd.		41,907
	56,756	Chennai Super Kings Cricket Ltd.(a),(b)		338
	7,485	Cholamandalam Financial Holdings Ltd.		48,142
	13,865	Cholamandalam Investment and Finance Co. Ltd.		59,621
	16,267	Cipla Ltd.		107,069
	12,260	City Union Bank Ltd.		36,627
	5,074	Colgate-Palmolive India Ltd.		110,824
	7,227	Container Corp. Of India Ltd.		59,948
	11,412	Coromandel International Ltd.		76,489

Shares			Value
INDIA (continued)
	15,702	Cox & Kings Financial Service Ltd.(a)	$	122
	20,123	Cox & Kings Ltd.(a)		496
	887	CRISIL Ltd.		18,291
	23,809	Crompton Greaves Consumer Electricals Ltd.		83,549
	2,991	Cummins India Ltd.		22,938
	14,681	Cyient Ltd.		84,190
	10,700	Dalmia Bharat Ltd.		122,163
	16,168	DCB Bank Ltd.		41,065
	9,427	DCM Shriram Ltd.		48,884
	4,866	Deepak Nitrite Ltd.		23,408
	8,598	Delta Corp Ltd.		25,384
	21,697	Dewan Housing Finance Corp. Ltd.(a)		5,338
	5,976	Dishman Carbogen Amcis Ltd.		10,094
	2,682	Divi’s Laboratories Ltd.		66,363
	1,477,693	DLF Ltd.		3,818,778
	1,513	Dr Lal PathLabs Ltd.		32,796
	9,312	Dr Reddys Laboratories Ltd.		365,397
	2,840	eClerx Services Ltd.		18,088
	12,047	EID Parry India Ltd.		29,018
	4,882	EIH Ltd.		11,532
	3,704	Elgi Equipments Ltd.		14,400
	3,941	Emami Ltd.		18,177
	625	Endurance Technologies Ltd.		9,609
	5,540	Engineers India Ltd.		9,342
	7,399	Escorts Ltd.		68,781
	4,643	Essel Propack Ltd.		7,377
	11,633	Exide Industries Ltd.		31,670
	4,388	FDC Ltd/India(a)		11,136
	89,105	Federal Bank Ltd.		105,275
	4,296	Federal-Mogul Goetze India Ltd.(a)		33,370
	6,598	Finolex Cables Ltd.		35,656
	4,610	Finolex Industries Ltd.		39,338
	21,394	Firstsource Solutions Ltd.		14,825
	14,906	Fortis Healthcare Ltd.(a)		30,851
	40,366	Future Enterprises Ltd.(a)		14,114
	4,129	Future Retail Ltd.(a)		22,200
	3,252	Gabriel India Ltd.		5,653
	708	Garware Technical Fibers Ltd.		11,685
	10,841	Gayatri Projects Ltd.(a)		19,908
	36	General Insurance Corp. of India		158
	7,704	GHCL Ltd.		23,499
	3,335	GIC Housing Finance Ltd.		8,360
	220	Gillette India Ltd.		25,104
	810	GlaxoSmithKline Consumer Healthcare Ltd.		105,263
	522	GlaxoSmithKline Pharmaceuticals Ltd.		12,238
	16,245	Glenmark Pharmaceuticals Ltd.		72,237
	3,122	Godfrey Phillips India Ltd.		48,098
	1,368	Godrej Industries Ltd.		8,032
	10,942	Granules India Ltd.		19,321

Shares			Value
INDIA (continued)
	6,570	Graphite India Ltd.	$	26,390
	6,318	Grasim Industries Ltd.		68,477
	6,972	Great Eastern Shipping Co. Ltd. (The)		29,479
	16,172	Greaves Cotton Ltd.		31,932
	770	Greenlam Industries Ltd.		9,882
	5,192	Grindwell Norton Ltd.		44,019
	4,027	Gujarat Alkalies & Chemicals Ltd.		26,477
	6,920	Gujarat Ambuja Exports Ltd.		13,776
	2,199	Gujarat Fluorochemicals Ltd.(a)		20,507
	8,027	Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		24,507
	27,992	Gujarat State Fertilizers & Chemicals Ltd.		31,671
	15,512	Gujarat State Petronet Ltd.		45,763
	92	Hatsun Agro Product Ltd.		573
	610	HEG Ltd.		8,539
	14,346	HeidelbergCement India Ltd.		37,843
	2,835	Hemisphere Properties India Ltd.(a),(b)		6,667
	151,702	HFCL Ltd.		37,964
	5,553	Hikal Ltd.		9,320
	8,085	Himadri Speciality Chemical Ltd.		8,595
	4,003	Himatsingka Seide Ltd.		8,694
	103,068	Hindalco Industries Ltd.		273,041
	2,430	Hinduja Global Solutions Ltd.		19,722
	12,605	Hindustan Petroleum Corp. Ltd.		57,801
	102	Honeywell Automation India Ltd.		40,385
	4,443	Huhtamaki PPL Ltd.		15,983
	41,116	IDFC First Bank Ltd.(a)		25,883
	73,673	IDFC Ltd.		36,406
	65,962	IFCI Ltd.(a)		6,789
	38,969	IIFL Holdings Ltd.		62,633
	38,969	IIFL Securities Ltd.(a)		16,317
	5,567	IIFL Wealth Management Ltd.		104,188
	17,077	India Cements Ltd. (The)		20,188
	951	India Glycols Ltd.		3,050
	27,666	Indiabulls Real Estate Ltd.(a)		21,531
	5,639	Indiabulls Ventures Ltd.		1,916
	2,931	Indian Bank(a)		5,496
	4,977	Indian Hotels Co. Ltd. (The)		10,666
	63,408	Indian Overseas Bank(a)		9,565
	6,915	Indraprastha Gas Ltd.		38,173
	2,957	IndusInd Bank Ltd.		54,747
	121	Ingersoll-Rand India Ltd.		1,118
	2,064	Inox Leisure Ltd.		10,613
	1,367	Intellect Design Arena Ltd.(a)		3,678
	1,853	InterGlobe Aviation Ltd.		38,060
	2,764	Ipca Laboratories Ltd.		38,219
	8,265	Jagran Prakashan Pvt Ltd.		6,566
	7,106	JB Chemicals & Pharmaceuticals Ltd.		34,178
	4,727	Jindal Poly Films Ltd.		14,735

Shares			Value
INDIA (continued)
	29,253	Jindal Saw Ltd.	$	36,582
	8,127	Jindal Stainless Hisar Ltd.(a)		7,791
	16,998	Jindal Stainless Ltd.(a)		8,304
	38,658	Jindal Steel & Power Ltd.(a)		63,359
	980	JK Cement, Ltd.		15,434
	21,600	JK Paper Ltd.		37,001
	53,110	JM Financial Ltd.		58,405
	63,861	JSW Energy Ltd.		61,269
	6,931	JTEKT India Ltd.		9,005
	4,756	Jubilant Foodworks Ltd.		107,345
	18,044	Jubilant Life Sciences Ltd.		140,516
	3,247	Just Dial Ltd.(a)		26,963
	4,040	Jyothy Laboratories Ltd.		9,976
	1,524	Kajaria Ceramics Ltd.		11,996
	7,256	Kalpataru Power Transmission Ltd.		44,132
	3,790	Kansai Nerolac Paints Ltd.		29,677
	3,936	Karnataka Bank Ltd. (The)		4,331
	21,127	Karur Vysya Bank Ltd. (The)		16,338
	2,611	Kaveri Seed Co. Ltd.		19,260
	8,411	KEC International Ltd.		32,148
	4,381	KEI Industries Ltd.		36,470
	1,261	Kiri Industries Ltd.		7,344
	4,060	Kirloskar Oil Engines Ltd.		9,719
	4,865	KNR Constructions Ltd.		15,879
	3,298	Kolte-Patil Developers Ltd.		11,645
	15,210	KPIT Technologies Ltd.		19,536
	2,402	KPR Mill Ltd.		22,009
	4,012	KRBL Ltd.		12,766
	39,001	L&T Finance Holdings Ltd.		52,567
	366	Lakshmi Machine Works Ltd.		18,436
	1,792	Larsen & Toubro Infotech Ltd.		43,502
	2,599	Laurus Labs Ltd.		13,550
	34,906	LIC Housing Finance Ltd.		202,953
	11,263	Lupin Ltd.		118,317
	21,539	Mahindra & Mahindra Financial Services Ltd.		107,196
	3,236	Mahindra CIE Automotive Ltd.(a)		6,875
	77,559	Manappuram Finance Ltd.		185,180
	16,573	Marksans Pharma Ltd.		3,540
	3,410	Max Financial Services Ltd.(a)		19,526
	11,396	Max India Ltd.(a)		11,705
	16,866	Meghmani Organics Ltd.		12,424
	6,096	Minda Corp. Ltd.		8,560
	6,474	Minda Industries Ltd.		33,626
	67,260	Mindtree Ltd.		675,931
	4,129	MOIL Ltd.		8,095
	62,388	Motherson Sumi Systems Ltd.		108,145
	1,610	Motilal Oswal Financial Services Ltd.		14,095
	4,606	Mphasis Ltd.		61,708
	66	MRF Ltd.		61,110
	15,818	Muthoot Finance Ltd.		157,815
	3,534	Natco Pharma Ltd.		29,357
	17,565	Nava Bharat Ventures Ltd.		18,251

Shares			Value
INDIA (continued)
	1,175	Navin Fluorine International Ltd.	$	14,868
	3,720	Navneet Education Ltd.		5,357
	28,062	NCC Ltd.		22,868
	1,485	NESCO Ltd.		11,628
	35,322	NHPC Ltd.		11,703
	460	NIIT Technologies Ltd.		10,044
	534	Nilkamal Ltd.		9,499
	14,212	NOCIL Ltd.		24,335
	2,785	Oberoi Realty Ltd.		19,903
	4,635	Oil India Ltd.		11,217
	3,942	Omaxe Ltd.		10,196
	1,101	Oracle Financial Sevices Software Ltd.(a)		48,749
	9,517	Oriental Bank of Commerce(a)		7,319
	346	Page Industries Ltd.		125,616
	3,534	Parag Milk Foods Ltd.		7,132
	19,480	PC Jeweller Ltd.(a)		8,843
	2,402	Persistent Systems Ltd.		20,983
	90,350	Petronet LNG Ltd.		364,820
	765	Pfizer Ltd.		43,766
	7,356	Phillips Carbon Black Ltd.		13,093
	4,125	Phoenix Mills Ltd. (The)		41,873
	4,169	PI Industries Ltd.		83,963
	55,160	Piramal Enterprises Ltd.		1,309,772
	759	PNB Housing Finance Ltd.		5,739
	3,217	Polyplex Corp. Ltd.		22,186
	71,684	Power Finance Corp. Ltd.(a)		110,312
	735	Power Mech Projects Ltd.		7,355
	16,420	Prestige Estates Projects Ltd.		69,959
	1,013	Procter & Gamble Health Ltd.		66,718
	839	Procter & Gamble Hygiene & Health Care Ltd.		144,811
	20,382	PTC India Ltd.		17,155
	39,797	Punjab National Bank(a)		36,667
	470	PVR Ltd.		11,775
	1,816	Radico Khaitan Ltd.		8,105
	19,040	Rain Industries Ltd.		26,320
	7,281	Rajesh Exports Ltd.		69,644
	7,747	Ramco Cements Ltd. (The)		85,718
	1,209	Ramkrishna Forgings Ltd.		4,993
	12,082	Rashtriya Chemicals & Fertilizers Ltd.		9,479
	1,420	Ratnamani Metals & Tubes Ltd.		19,167
	1,973	Raymond Ltd.		16,141
	1,324	RBL Bank Ltd.		5,789
	65,007	REC Ltd.		128,128
	55,478	Redington India Ltd.		92,960
	47,774	Reliance Power Ltd.(a)		2,256
	5,621	Repco Home Finance Ltd.		23,081
	6,157	Sadbhav Engineering Ltd.		11,897
	471	Sanofi India Ltd.		44,703
	2,386	Sharda Cropchem Ltd.		9,327
	2,147	Shilpa Medicare Ltd.		8,725
	489	Shriram City Union Finance Ltd.		9,105

Shares			Value
INDIA (continued)
	13,288	Shriram Transport Finance Co. Ltd.	$	213,318
	1,578	Siemens Ltd.		36,844
	2,280	Siyaram Silk Mills Ltd.		7,858
	1,495	SKF India Ltd.		46,060
	2,942	Sobha Ltd.		17,568
	2,749	Sonata Software Ltd.		12,131
	21,465	South Indian Bank Ltd. (The)		3,374
	1,027	Spencer’s Retail Ltd.(a)		1,043
	3,116	SRF Ltd.		127,236
	1,016,961	State Bank of India(a)		4,479,123
	3,181,204	Steel Authority of India Ltd.		1,641,536
	12,228	Sterlite Technologies Ltd.		22,558
	3,128	Strides Pharma Science Ltd.		16,977
	5,386	Sun TV Network Ltd.		40,045
	4,575	Sundram Fasteners Ltd.		31,557
	5,914	Sunteck Realty Ltd.		34,632
	2,717	Supreme Industries Ltd.		44,594
	3,270	Surya Roshni Ltd.		8,536
	8,752	Suven Life Sciences Ltd.		34,901
	516	Swaraj Engines Ltd.		8,285
	600	Symphony Ltd.		11,018
	42,645	Syndicate Bank(a)		18,217
	5,348	Syngene International Ltd.		24,987
	13,420	TAKE Solutions Ltd.		21,238
	3,870	Tata Chemicals Ltd.		34,199
	2,835	Tata Communications Ltd.		14,075
	1,756	Tata Elxsi Ltd.		20,275
	17,372	Tata Global Beverages Ltd.		77,640
	1,013	Tata Metaliks Ltd.		8,803
	202,507	Tata Motors Ltd.(a)		507,347
	9,423	Tata Power Co. Ltd.		7,878
	45,760	Tata Steel Ltd.		245,514
	25	TCI Express Ltd.		274
	4,498	Techno Electric & Engineering Co. Ltd.(a)		17,097
	2,619	Thermax Ltd.		41,682
	3,081	Thomas Cook India Ltd.		5,810
	23,253	Time Technoplast Ltd.		20,654
	970	Timken India Ltd.		12,185
	4,248	Torrent Pharmaceuticals Ltd.		106,385
	6,133	Torrent Power Ltd.		24,224
	3,514	Transport Corp. of India Ltd.		14,350
	1,040	Trent Ltd.		7,941
	10,744	Trident Ltd.		9,361
	5,808	Triveni Turbine Ltd.(a)		8,254
	412	TTK Prestige Ltd.		36,085
	15,510	Tube Investments of India Ltd.		87,118
	5,542	TV Today Network Ltd.		24,980
	2,513,790	TV18 Broadcast Ltd.(a)		871,850
	5,078	Uflex Ltd.		14,906
	118	Ultratech Cement Ltd.		6,893
	20,119	Union Bank of India(a)		16,267
	3,158	United Breweries Ltd.		56,819
	3,267	United Spirits Ltd.(a)		28,785
	36,342	UPL Ltd.		305,605

Shares			Value
INDIA (continued)
	2,826	Vardhman Textiles Ltd.	$	36,008
	305	Venky’s India Ltd.		7,514
	375	Vesuvius India Ltd.		5,289
	5,959	V-Guard Industries Ltd.		20,987
	830	Vinati Organics Ltd.		25,362
	4,598	VIP Industries Ltd.		30,607
	3,561	Voltas Ltd.		35,570
	2,640	VRL Logistics Ltd.		9,917
	629	VST Industries Ltd.		34,202
	368	WABCO India Ltd.		32,196
	18,219	Welspun Corp. Ltd.		37,952
	29,615	Welspun India Ltd.		23,319
	8,145	West Coast Paper Mills Ltd.		26,951
	3,755	Wockhardt Ltd.(a)		15,202
	19,140	Zee Entertainment Enterprises Ltd.		70,322
	6,637	Zensar Technologies Ltd.		16,693
	888	Zydus Wellness Ltd.		21,347
				34,663,707
INDONESIA — 0.1%
	267,300	Ace Hardware Indonesia Tbk PT		32,182
	1,665,700	Adaro Energy Tbk PT		155,451
	190,300	Adhi Karya Persero Tbk PT		16,946
	81,400	AKR Corporindo Tbk PT		22,964
	1,500,100	Alam Sutera Realty Tbk PT(a)		29,282
	517,329	Aneka Tambang Persero Tbk PT		32,801
	28,100	Asahimas Flat Glass Tbk PT		7,967
	45,900	Astra Agro Lestari Tbk PT		37,359
	9,876,000	Bakrie Telecom Tbk PT(a),(b)		26,384
	1,325,350	Bank Pan Indonesia Tbk PT(a)		126,993
	246,200	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		31,746
	611,400	Bank Pembangunan Daerah Jawa Timur Tbk PT		30,054
	391,900	Bank Permata Tbk PT(a)		37,272
	242,600	Bank Tabungan Negara Persero Tbk PT		32,146
	2,869,800	Barito Pacific Tbk PT		194,223
	287,300	Bukit Asam Tbk PT		46,052
	456,700	Bumi Serpong Damai Tbk PT(a)		46,038
	1,062,101	Ciputra Development Tbk PT		83,987
	644,973	Citra Marga Nusaphala Persada Tbk PT(a)		87,072
	681,000	Delta Dunia Makmur Tbk PT(a)		15,816
	858,400	Elnusa Tbk PT		19,202
	191,500	Erajaya Swasembada Tbk PT		24,011
	591,000	Gajah Tunggal Tbk PT(a)		26,946
	1,052,900	Global Mediacom Tbk PT(a)		28,053
	2,616,900	Hanson International Tbk PT(a)		16,779
	313,600	Indah Kiat Pulp and Paper Corp. Tbk PT		162,530
	365,600	Indika Energy Tbk PT		33,468

Shares			Value
INDONESIA (continued)
	47,100	Indo Tambangraya Megah Tbk PT	$	44,627
	15,800	Indocement Tunggal Prakarsa Tbk PT		22,512
	335,200	Indofood Sukses Makmur Tbk PT		183,874
	426,000	Intiland Development Tbk PT		9,711
	354,800	Japfa Comfeed Indonesia Tbk PT		43,475
	69,709	Jasa Marga Persero Tbk PT		27,065
	7,473,140	Kawasan Industri Jababeka Tbk PT(a)		171,429
	883,300	Kresna Graha Investama PT Tbk(a)		31,463
	3,233,920	Lippo Karawaci Tbk PT(a)		54,371
	288,300	Malindo Feedmill Tbk PT		22,798
	66,200	Matahari Department Store Tbk PT		17,167
	1,490,275	Mayora Indah Tbk PT		227,199
	1,694,200	Medco Energi Internasional Tbk PT(a)		79,659
	631,500	Media Nusantara Citra Tbk PT		59,160
	631,400	Mitra Adiperkasa Tbk PT		44,981
	2,498,100	MNC Investama Tbk PT(a)		12,991
	1,155,000	MNC Land Tbk PT(a)		11,190
	844,100	Modernland Realty Tbk PT(a)		13,590
	25,000	Pabrik Kertas Tjiwi Kimia Tbk PT		18,834
	463,800	Pakuwon Jati Tbk PT		20,651
	332,600	Pan Brothers Tbk PT		17,652
	1,705,900	Panin Financial Tbk PT(a)		35,243
	17,834,700	Perusahaan Gas Negara Persero Tbk		2,680,859
	195,800	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		18,831
	276,100	PP Persero Tbk PT		34,913
	995,300	Rimo International Lestari Tbk PT(a)		8,934
	463,300	Salim Ivomas Pratama Tbk PT(a)		11,618
	257,900	Sawit Sumbermas Sarana Tbk PT		14,882
	157,200	Selamat Sempurna Tbk PT		16,518
	25,200	Semen Indonesia Persero Tbk PT		22,710
	49,400	Siloam International Hospitals Tbk PT(a)		25,339
	117,500	Sinar Mas Agro Resources & Technology Tbk PT		32,144
	1,391,700	Smartfren Telecom Tbk PT(a)		14,773
	1,203,400	Sri Rejeki Isman Tbk PT		24,347
	292,700	Sumber Alfaria Trijaya Tbk PT		18,663
	523,400	Summarecon Agung Tbk PT		42,135
	137,100	Surya Citra Media Tbk PT		11,916
	236,000	Timah Tbk PT		14,963
	586,900	Tiphone Mobile Indonesia Tbk PT		14,048

Shares			Value
INDONESIA (continued)
	141,600	Tower Bersama Infrastructure Tbk PT	$	63,804
	1,313,000	Trada Alam Minera Tbk PT(a)		10,102
	4,875,000	Truba Alam Manunggal Engineering PT(a),(b)		0
	765,600	Tunas Baru Lampung Tbk PT		51,269
	539,500	Tunas Ridean Tbk PT		38,050
	8,100	United Tractors Tbk PT		12,507
	156,900	Vale Indonesia Tbk PT(a)		41,469
	1,429,700	Waskita Beton Precast Tbk PT		33,815
	439,785	Waskita Karya Persero Tbk PT		48,719
	440,200	Wijaya Karya Beton Tbk PT		14,676
	392,700	Wijaya Karya Persero Tbk PT		55,393
	407,100	XL Axiata Tbk PT(a)		102,957
				6,053,720
IRELAND — 1.2%
	29,037	AIB Group Plc		93,010
	576,745	Allegion Plc		66,925,490
	16,519	Bank of Ireland Group Plc		79,443
	74,161	C&C Group PLC		365,046
	43,303	COSMO Pharmaceuticals NV(a)		3,208,768
	4,646	Datalex Plc(a),(b)		3,560
	5,572	FBD Holdings Plc		55,060
	31,774	Glanbia Plc		354,021
	29,539	Grafton Group Plc - Units		298,838
	37,117	Greencore Group Plc		111,737
	28,124	Hibernia REIT plc		43,788
	20,975	Irish Continental Group Plc - Units		100,124
	7,387	Kingspan Group Plc		382,771
	10,380	Paddy Power Betfair Plc		1,072,244
	5,111	Permanent TSB Group Holdings Plc(a)		6,749
	23,785	Smurfit Kappa Group Plc		793,169
	7,190	UDG Healthcare Plc		71,994
				73,965,812
ISLE OF MAN — 0.0%
	21,481	GVC Holdings Plc		247,647
	24,257	Playtech Plc		123,392
				371,039
ISRAEL — 0.7%
	13,568	Adgar Investment and Development Ltd.		32,961
	26,043	AFI Properties Ltd.(a)		929,566
	109,696	Airport City Ltd.(a)		2,069,771
	0	Alrov Properties and Lodgings Ltd.		14
	2,636	Ashtrom Group Ltd.		29,685
	19,276	Ashtrom Properties Ltd.		128,089
	771	AudioCodes Ltd.		16,274
	42,780	B Communications Ltd.(a)		49,596
	215	Bayside Land Corp.		144,271
	25,544	Bezeq The Israeli Telecommunication Corp. Ltd.(a)		16,858

Shares			Value
ISRAEL (continued)
	4,411	Blue Square Real Estate Ltd.	$	224,902
	1,944	Carasso Motors Ltd.		9,013
	6,659	Cellcom Israel Ltd.(a)		17,004
	67,300	CyberArk Software Ltd.(a)		6,836,334
	58	Danel Adir Yeoshua Ltd.		4,241
	3,303	Delek Automotive Systems Ltd.		12,839
	442	Delta-Galil Industries Ltd.		11,199
	972	Dor Alon Energy in Israel 1988 Ltd.		19,829
	59,878	El Al Israel Airlines(a)		23,071
	5,986	Electra Consumer Products 1970 Ltd.		101,022
	111	Electra Ltd/Israel		39,336
	2,728	Equital Ltd.(a)		79,112
	10,577	FIBI Holdings Ltd.		347,820
	1,470	First International Bank Of Israel Ltd.		40,350
	3,925	Formula Systems 1985 Ltd.		261,708
	730	Fox Wizel Ltd.		28,273
	80,495	Harel Insurance Investments & Financial Services Ltd.		642,919
	850	Hilan Ltd.		37,599
	257	IDI Insurance Co. Ltd.		9,181
	166,520	Industrial Buildings Corp. Ltd.(a)		369,708
	45,184	Isracard Ltd.(a)		172,944
	130,881	Israel Chemicals Ltd.		581,165
	12,756	Israel Corp. Ltd. (The)(a)		2,432,162
	1,287,209	Israel Discount Bank Ltd. - Class A		5,880,085
	834	Israel Land Development - Urban Renewal Ltd.		8,675
	0	Isramco Negev 2 LP		0
	2,214	Isras Investment Co. Ltd.		485,586
	946,664	Jerusalem Economy Ltd.(a)		4,039,730
	98,782	Kamada Ltd.(a)		516,269
	232	Malam - Team Ltd.		39,166
	1,841	Matrix IT Ltd.		33,822
	1,757	Maytronics Ltd.		15,404
	27	Mehadrin Ltd.(a)		1,043
	17,177	Meitav DS Investments Ltd.		69,693
	2,751	Melisron Ltd.		166,569
	12,928	Menora Mivtachim Holdings Ltd.		207,284
	221,147	Migdal Insurance & Financial Holdings Ltd.		229,464
	453,871	Mizrahi Tefahot Bank Ltd.		11,255,182
	43,837	Naphtha Israel Petroleum Corp. Ltd.		245,652
	4,653	Norstar Holdings, Inc.		85,153
	2,392,536	Oil Refineries Ltd.		1,227,342
	2,040	One Software Technologies Ltd.		143,430
	246,069	Partner Communications Co. Ltd.(a)		1,108,705
	17,737	Paz Oil Co. Ltd.		2,717,078
	5,147	Phoenix Holdings Ltd. (The)		31,354

Shares			Value
ISRAEL (continued)
	1,124	Prashkovsky Investments and Construction Ltd.	$	17,795
	262	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		14,645
	700	Scope Metals Group Ltd.		17,011
	127,983	Shikun & Binui Ltd.		508,381
	1,708	Shufersal Ltd.		11,536
	11,891	Strauss Group Ltd.		359,991
	40,988	Summit Real Estate Holdings Ltd.		523,914
	2,858	Tower Semiconductor Ltd.(a)		63,000
	6,295	Union Bank of Israel(a)		30,435
	744	YH Dimri Construction & Development Ltd.		20,265
				45,792,475
ITALY — 1.0%
	2,591,837	A2A SpA		5,200,324
	97,694	ACEA SpA		1,943,812
	2,417	Aeffe SpA(a)		4,124
	4,816	Amplifon SpA		120,961
	918	Aquafil SpA		7,167
	184,608	Arnoldo Mondadori Editore SpA(a)		411,786
	11,134	Ascopiave SpA		46,318
	67,689	Autogrill SpA		668,495
	17,338	Avio SpA		236,686
	369,604	Azimut Holding SpA		7,593,078
	5,753	Banca Farmafactoring SpA		34,841
	222,609	Banca Generali SpA		7,259,583
	259,156	Banca Mediolanum SpA		2,221,246
	61,100	Banca Profilo SpA		10,835
	15,282	Banca Sistema SpA		27,475
	76,238	Banco BPM SpA(a)		173,202
	1,604	Banco di Desio e della Brianza SpA		3,632
	24,379	BasicNet SpA		131,055
	37,142	BE		44,904
	1,214	Biesse SpA		15,192
	24,960	BPER Banca		111,546
	1,238	Brunello Cucinelli SpA		38,771
	4,215	Buzzi Unicem SpA		101,729
	9,666	Cairo Communication SpA		24,849
	30,730	Cementir Holding NV		206,701
	14,741	Cerved Group SpA		143,362
	113,717	CIR-Compagnie Industriali Riunite SpA		117,063
	157,000	Credito Emiliano SpA		907,029
	1,766	Danieli & C Officine Meccaniche SpA		30,490
	2,219	Datalogic SpA		34,326
	40,590	Davide Campari-Milano SpA		371,893
	5,018	De’ Longhi SpA		92,343
	22,017	DeA Capital SpA		33,543
	1,895	DiaSorin SpA		213,463
	957	El.En. SpA		27,132

Shares			Value
ITALY (continued)
	51,684	Elica SpA(a)	$	138,344
	24,133	Emak SpA		22,824
	5,916	ERG SpA		125,166
	16,925	Esprinet SpA		70,315
	190,398	Eurotech SpA(a)		1,864,440
	996,493	Falck Renewables SpA		4,436,662
	157,401	Fiera Milano SpA		768,906
	1,968	Fila SpA		33,802
	30,193	Fincantieri SpA		31,822
	951	Fine Foods & Pharmaceuticals NTM		11,455
	16,174	FinecoBank Banca Fineco SpA		182,192
	72,956	FNM SpA		47,844
	13,782	Freni Brembo SpA		146,563
	21,426	Geox SpA		29,871
	10,405	Gruppo MutuiOnline SpA		206,564
	857,976	Hera SpA		3,672,584
	997	IMA Industria Macchine Automatiche SpA		67,829
	113,308	IMMSI SpA(a)		71,527
	14,478	Infrastrutture Wireless Italiane SpA		148,555
	3,528	Interpump Group SpA		96,638
	525,038	Iren SpA		1,629,069
	576,728	Italgas SpA		3,710,119
	42,259	Juventus Football Club SpA(a)		66,220
	1,125	La Doria SpA		11,079
	56,049	Leonardo SpA		650,744
	11,155	Maire Tecnimont SpA		29,187
	1,779	Mariella Burani SpA(a),(b)		0
	1,563	MARR SpA		32,807
	4,244	Massimo Zanetti Beverage Group SpA		27,169
	63,364	Mediaset SpA(a)		189,466
	74,819	Mediobanca Banca di Credito Finanziario SpA		888,696
	9,829	Moncler SpA		378,637
	12,821	Ovs SpA(a)		25,553
	1,140,641	Piaggio & C SpA		3,587,481
	10,043	Piquadro SpA		26,322
	26,809	Pirelli & C SpA		154,942
	65,530	Poste Italiane SpA		795,171
	13,200	PRADA SpA		45,483
	1,015	Prima Industrie SpA		14,965
	12,848	Prysmian SpA		296,761
	8,184	RAI Way SpA		50,476
	8,742	Recordati SpA		367,281
	45,928	Reno de Medici SpA		38,162
	971	Reply SpA		63,245
	15,504	Retelit SpA		28,998
	31,219	Rizzoli Corriere Della Sera Mediagroup SpA		32,068
	3,291	Sabaf SpA		44,045
	71,136	Safilo Group SpA(a)		75,847
	58,449	Saipem SpA(a)		264,664
	9,131	Salini Impregilo SpA(a)		18,596

Shares			Value
ITALY (continued)
	1,495	Salvatore Ferragamo SpA	$	27,929
	73,717	Saras SpA		141,412
	6,627	Servizi Italia SpA		20,178
	8,386	Sesa SpA		373,181
	192,620	Societa Cattolica di Assicurazioni SC		1,678,889
	8,051	Societa Iniziative Autostradali e Servizi SpA		139,089
	10,989	SOL SpA		128,688
	3,996	Technogym SpA		44,033
	103,372	Telecom Italia SpA(a)		60,493
	58,246	Tinexta Spa		857,495
	6,610	Uni Land SpA(a),(b)		0
	777	Unieuro SpA		11,266
	61,477	Unione di Banche Italiane SpA		186,978
	1,288,072	Unipol Gruppo SpA		7,181,495
	42,696	UnipolSai Assicurazioni SpA		119,095
	3,382	Zignago Vetro SpA		38,474
				65,334,807
JAPAN — 8.1%
	119,800	77 Bank Ltd. (The)		1,912,540
	71,700	A&D Co. Ltd.		560,374
	1,900	Achilles Corp.		31,036
	77,900	Adastria Co. Ltd.		1,926,761
	7,300	ADEKA Corp.		105,725
	6,500	Ad-sol Nissin Corp.		145,361
	700	Advance Create Co. Ltd.		12,504
	1,700	Advanex, Inc.		26,463
	246,500	Advantest Corp.		11,287,550
	300	Adventure, Inc.		7,723
	13,100	Aeon Delight Co. Ltd.		458,542
	22,300	AEON Financial Service Co. Ltd.		342,791
	400	Aeon Hokkaido Corp.		2,941
	9,100	Aeon Mall Co. Ltd.		146,288
	12,600	Ahresty Corp.		64,523
	2,000	Ai Holdings Corp.		36,633
	1,500	Aica Kogyo Co. Ltd.		48,129
	4,800	Aichi Bank Ltd. (The)		169,794
	2,800	Aichi Steel Corp.		91,786
	1,000	Aichi Tokei Denki Co. Ltd.		38,013
	3,500	Aida Engineering Ltd.		30,142
	15,100	Aiful Corp.(a)		35,376
	1,200	Ain Holdings, Inc.		68,895
	6,600	Aiphone Co. Ltd.		114,166
	29,800	Air Water, Inc.		563,493
	4,700	Airport Facilities Co. Ltd.		24,286
	20,300	Aisan Industry Co. Ltd.		169,370
	8,000	Akatsuki, Inc.		447,449
	7,300	Akita Bank Ltd. (The)		149,867
	300	Albis Co. Ltd.		6,264
	5,800	Alconix Corp.		74,011
	3,000	Alinco, Inc.		34,031
	3,400	Alleanza Holdings Co. Ltd.		25,754
	1,700	Alpen Co. Ltd.		27,155

Shares			Value
JAPAN (continued)
	2,800	Alpha Corp.	$	33,862
	16,400	Alps Electric Co. Ltd.		355,974
	6,600	Alps Logistics Co. Ltd.		45,838
	30,052	Altech Corp.		451,935
	8,500	Amada Holdings Co. Ltd.		97,838
	1,600	Amano Corp.		47,708
	1,300	Amiyaki Tei Co. Ltd.		41,351
	700	Anabuki Kosan, Inc.		18,447
	7,000	Anest Iwata Corp.		67,478
	5,900	Anritsu Corp.		113,695
	700	AOI Electronics Co. Ltd.		15,363
	47,200	AOI TYO Holdings, Inc.		282,352
	7,700	AOKI Holdings, Inc.		78,790
	1,100	Aomori Bank Ltd. (The)		29,601
	6,200	Aoyama Trading Co. Ltd.		109,658
	600	Aoyama Zaisan Networks Co. Ltd.		9,090
	24,400	Aozora Bank Ltd.		630,618
	1,400	Apaman Co. Ltd.		11,771
	3,700	Arakawa Chemical Industries Ltd.		54,751
	13,600	Arata Corp.		513,825
	5,100	Arcland Sakamoto Co. Ltd.		60,733
	800	Arcland Service Holdings Co., Ltd.		14,275
	40,038	Arcs Co. Ltd.		811,957
	3,600	Arealink Co. Ltd.		39,237
	1,100	Ariake Japan Co. Ltd.		85,767
	2,100	Artnature, Inc.		14,021
	2,090	As One Corp.		175,538
	43,500	Asahi Co. Ltd.		484,184
	89,200	Asahi Diamond Industrial Co. Ltd.		560,856
	1,050	Asahi Holdings, Inc.		24,531
	1,099	Asahi Kogyosha Co. Ltd.		33,431
	27,600	Asahi Yukizai Corp.		393,591
	2,900	Asante, Inc.		56,072
	900	Asanuma Corp.		33,961
	33,200	Asax Co. Ltd.		193,685
	1,500	Ashimori Industry Co. Ltd.		20,835
	82,000	Asia Pile Holdings Corp.		447,245
	5,000	Asics Corp.		86,489
	7,600	ASKA Pharmaceutical Co. Ltd.		90,082
	900	ASKUL Corp.		24,886
	1,400	Asti Corp.		23,465
	10,204	Ateam, Inc.		100,538
	2,800	Atom Corp.		25,902
	25,498	Avant Corp.		560,063
	95,800	Avex, Inc.		1,173,659
	13,400	Awa Bank Ltd. (The)		322,622
	3,207	Axial Retailing, Inc.		124,728
	3,100	Azbil Corp.		86,837
	13,000	Bando Chemical Industries Ltd.		111,594
	10,400	Bank of Iwate Ltd. (The)		273,025
	27,100	Bank of Kyoto Ltd. (The)		1,089,119
	3,200	Bank of Nagoya Ltd. (The)		95,268

Shares			Value
JAPAN (continued)
	18,624	Bank of Okinawa Ltd. (The)	$	642,415
	9,000	Bank of Saga Ltd. (The)		134,762
	153,698	Bank of the Ryukyus Ltd.		1,689,411
	18,700	BayCurrent Consulting, Inc.		947,208
	600	Belc Co. Ltd.		29,003
	3,400	Bell System24 Holdings, Inc.		56,011
	7,400	Belluna Co. Ltd.		48,653
	4,400	Benefit One, Inc.		89,801
	2,800	Benesse Holdings, Inc.		75,374
	400	Bengo4.com, Inc.(a)		18,557
	4,500	Bic Camera, Inc.		49,421
	500	Biofermin Pharmaceutical Co. Ltd.		10,441
	47,400	BML, Inc.		1,402,380
	1,400	Bookoff Group Holdings Ltd.		15,129
	700	BP Castrol KK		9,697
	1,600	Br Holdings Corp.		7,364
	5,600	Broadleaf Co. Ltd.		31,684
	900	BRONCO BILLY Co. Ltd.		22,569
	175,100	Bunka Shutter Co. Ltd.		1,529,024
	1,100	Business Brain Showa-Ota, Inc.		28,185
	624	Business Engineering Corp.		18,664
	1,200	C Uyemura & Co. Ltd.		74,562
	900	Calbee, Inc.		30,169
	900	Can Do Co. Ltd.		13,335
	1,800	Canon Electronics, Inc.		33,920
	25,600	Canon Marketing Japan, Inc.		546,658
	147,700	Capcom Co. Ltd.		3,510,935
	2,600	Career Design Center Co. Ltd.		34,453
	5,300	Carlit Holdings Co. Ltd.		30,969
	3,300	Casa, Inc.		39,665
	7,400	Casio Computer Co. Ltd.		120,946
	24,100	Central Glass Co. Ltd.		588,050
	600	Central Sports Co. Ltd.		18,168
	58,100	Chiba Bank Ltd. (The)		320,118
	183,200	Chiba Kogyo Bank Ltd. (The)		539,472
	4,900	Chilled & Frozen Logistics Holdings Co. Ltd.		64,750
	2,800	Chino Corp.		37,466
	1,300	Chiyoda Integre Co. Ltd.		29,301
	2,500	Chori Co. Ltd.		43,962
	3,200	Choushimaru Co. Ltd.		40,182
	4,100	Chubu Shiryo Co. Ltd.		48,217
	2,700	Chuetsu Pulp & Paper Co. Ltd.		41,629
	74,600	Chugai Mining Co. Ltd.(a)		14,507
	66,300	Chugoku Bank Ltd. (The)		656,308
	3,300	Chugoku Marine Paints Ltd.		32,270
	19,700	Chukyo Bank Ltd. (The)		401,333
	8,000	CI Takiron Corp.		48,671
	42,600	Citizen Watch Co. Ltd.		228,404
	2,300	CKD Corp.		32,906
	900	CK-San-Etsu Co. Ltd.		24,511
	4,800	Cleanup Corp.		25,914
	12,800	CMIC Holdings Co. Ltd.		215,368
	7,100	CMK Corp.		43,524
	690	cocokara fine, Inc.		38,273

Shares			Value
JAPAN (continued)
	1,600	Coco’s Japan Co. Ltd.	$	20,061
	2,100	Colowide Co. Ltd.		40,993
	134,200	Computer Engineering & Consulting Ltd.		2,465,532
	2,800	Computer Institute of Japan Ltd.		24,036
	3,100	COMSYS Holdings Corp.		92,147
	1,400	Comture Corp.		26,810
	62,600	Concordia Financial Group Ltd.		258,539
	5,000	CONEXIO Corp.		69,451
	2,800	Cosel Co. Ltd.		30,984
	9,600	Cosmo Energy Holdings Co. Ltd.		207,841
	5,000	Cosmos Initia Co. Ltd.		35,235
	400	Cosmos Pharmaceutical Corp.		82,711
	1,029	Cota Co. Ltd.		12,740
	1,400	Create Medic Co. Ltd.		13,729
	900	Create Restaurants Holdings, Inc.		15,535
	700	Create SD Holdings Co. Ltd.		17,456
	23,000	Credit Saison Co. Ltd.		336,087
	10,100	Creo Co. Ltd.		165,824
	400	Cresco Ltd.		12,835
	7,100	CTI Engineering Co. Ltd.		120,251
	2,700	CTS Co. Ltd.		19,727
	15,100	Cube System, Inc.		110,464
	135,300	Cybozu, Inc.		1,395,724
	7,300	Dai Nippon Toryo Co. Ltd.		74,494
	23,200	Daibiru Corp.		259,305
	50,400	Daicel Corp.		455,509
	2,100	Dai-Dan Co. Ltd.		48,966
	3,400	Daido Kogyo Co. Ltd.		27,738
	7,600	Daido Metal Co. Ltd.		48,560
	3,400	Daido Steel Co. Ltd.		150,181
	5,500	Daihatsu Diesel Manufacturing Co. Ltd.		31,322
	7,900	Daihen Corp.		250,556
	40,700	Daiho Corp.		1,158,927
	2,600	Dai-Ichi Cutter Kogyo KK		44,950
	10,800	Daiichi Jitsugyo Co. Ltd.		350,532
	3,000	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		23,641
	16,600	Daiichikosho Co. Ltd.		793,185
	2,300	Daiken Corp.		41,745
	13,200	Daiken Medical Co. Ltd.		65,273
	6,200	Daiki Aluminium Industry Co. Ltd.		41,911
	8,079	Daikoku Denki Co. Ltd.		114,837
	400	Daikokutenbussan Co. Ltd.		12,538
	6,000	Daikyonishikawa Corp.		46,615
	4,100	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		124,910
	13,300	Daio Paper Corp.		178,951
	1,600	Daiohs Corp.		19,720
	1,810	Daiseki Co. Ltd.		53,216

Shares			Value
JAPAN (continued)
	1,350	Daishi Hokuetsu Financial Group, Inc.	$	34,641
	1,200	Daisue Construction Co. Ltd.		10,879
	5,300	Daito Bank Ltd. (The)		29,349
	23,100	Daito Electron Co. Ltd.		315,088
	19,660	Daito Pharmaceutical Co. Ltd.		595,316
	309	Daiwa Office Investment Corp. REIT		2,463,645
	35,200	Daiwabo Holdings Co. Ltd.		1,554,811
	409,311	DCM Holdings Co. Ltd.		4,066,957
	10,500	DD Holdings Co. Ltd.		156,348
	7,100	Denka Co. Ltd.		207,431
	2,400	Denyo Co. Ltd.		42,404
	1,000	Descente Ltd.		12,946
	7,100	Dexerials Corp.		63,183
	13,700	DIC Corp.		397,083
	400	Digital Arts, Inc.		23,595
	139,400	Digital Garage, Inc.		4,621,280
	800	Digital Hearts Holdings Co. Ltd.		6,675
	51,900	Dip Corp.		1,419,212
	1,200	DKS Co. Ltd.		39,226
	4,400	DMG Mori Co. Ltd.		72,322
	1,700	DMS, Inc.		36,160
	18,700	Doshisha Co. Ltd.		298,362
	2,174	Doutor Nichires Holdings Co. Ltd.		43,726
	2,900	Dowa Holdings Co. Ltd.		100,972
	400	DSB Co. Ltd.		2,193
	1,400	DTS Corp.		29,882
	204,500	Duskin Co. Ltd.		5,470,882
	1,300	DyDo Group Holdings, Inc.		54,412
	22,600	Dynam Japan Holdings Co. Ltd.		29,303
	400	Dynic Corp.		2,897
	6,700	Eagle Industry Co. Ltd.		68,061
	1,500	Earth Chemical Co. Ltd.		79,591
	14,000	Ebara Corp.		420,039
	17,800	Ebara Jitsugyo Co. Ltd.		356,198
	2,562	eBook Initiative Japan Co. Ltd.(a)		40,616
	19,400	Eco’s Co Ltd/Japan		295,877
	130,300	EDION Corp.		1,300,707
	1,400	EF-ON, Inc.		9,490
	2,800	eGuarantee, Inc.		39,593
	800	E-Guardian, Inc.		12,794
	12,600	Ehime Bank Ltd. (The)		134,296
	4,800	Eidai Co. Ltd.		15,690
	13,000	Eiken Chemical Co. Ltd.		211,510
	300	Eizo Corp.		11,237
	1,200	Elan Corp.		19,157
	47,773	Elecom Co. Ltd.		1,866,859
	6,400	Elematec Corp.		61,932
	1,100	EM Systems Co. Ltd.		20,943
	4,200	Endo Lighting Corp.		26,564
	1,400	Enigmo, Inc.(a)		12,407
	1,200	en-japan, Inc.		51,449
	1,500	Enomoto Co. Ltd.		16,335

Shares			Value
JAPAN (continued)
	5,700	Enplas Corp.	$	184,475
	2,700	Enshu Ltd.		29,953
	4,800	ES-Con Japan Ltd.		39,248
	1,800	ESCRIT, Inc.		13,951
	1,500	Eslead Corp.		28,253
	2,600	ESPEC Corp.		47,382
	1,400	Excel Co. Ltd.		16,244
	7,100	Exedy Corp.		168,904
	1,300	Ezaki Glico Co. Ltd.		60,552
	185,100	F@N Communications, Inc.		899,875
	1,600	FALCO HOLDINGS Co. Ltd.		25,099
	1,900	Fancl Corp.		54,102
	6,300	FCC Co. Ltd.		131,320
	81,580	Feed One Co. Ltd.		128,425
	9,100	Ferrotec Holdings Corp.		91,177
	26,400	FIDEA Holdings Co. Ltd.		32,025
	14,200	Financial Products Group Co. Ltd.		144,512
	28,300	First Bank of Toyama Ltd. (The)		88,053
	2,400	First Juken Co. Ltd.		29,781
	800	Fixstars Corp.		12,112
	24,500	FJ Next Co. Ltd.		254,778
	65,800	Foster Electric Co. Ltd.		1,185,728
	500	FP Corp.		31,253
	10,500	France Bed Holdings Co. Ltd.		98,884
	10,100	Freebit Co. Ltd.		81,462
	700	Freund Corp.		4,868
	3,200	Fronteo, Inc.		9,453
	6,800	F-Tech, Inc.		48,612
	1,200	FTGroup Co. Ltd.		15,835
	72,280	Fudo Tetra Corp.		1,019,376
	2,400	Fuji Co. Ltd.		43,493
	8,700	Fuji Corp.		146,383
	6,500	Fuji Corp. Ltd.		43,157
	700	Fuji Corp./Miyagi		14,325
	1,800	Fuji Die Co. Ltd.		11,084
	1,400	Fuji Kyuko Co. Ltd.		56,200
	38,200	Fuji Media Holdings, Inc.		519,993
	13,800	Fuji Oil Co. Ltd.		32,970
	2,100	Fuji Oil Holdings, Inc.		63,395
	1,300	Fuji Pharma Co. Ltd.		17,263
	2,100	Fuji Seal International, Inc.		52,505
	46,100	Fuji Soft, Inc.		2,025,600
	2,700	Fujibo Holdings, Inc.		85,133
	1,800	Fujikura Composites, Inc.		7,434
	7,900	Fujikura Kasei Co. Ltd.		41,479
	43,200	Fujikura Ltd.		202,819
	16,700	Fujimi, Inc.		440,117
	3,800	Fujimori Kogyo Co. Ltd.		135,827
	1,000	Fujio Food System Co. Ltd.		28,753
	39,000	Fujisash Co. Ltd.		31,058
	2,900	Fujitec Co. Ltd.		42,672
	4,300	Fujitsu Frontech Ltd.		38,146
	2,100	Fujitsu General Ltd.		38,231
	7,000	FuKoKu Co. Ltd.		47,190

Shares			Value
JAPAN (continued)
	2,300	Fukuda Corp.	$	100,102
	1,100	Fukui Bank Ltd. (The)		15,758
	121,257	Fukui Computer Holdings, Inc.		3,261,891
	78,992	Fukuoka Financial Group, Inc.		1,543,413
	1,100	Fukushima Industries Corp.		34,786
	1,600	Fukuyama Transporting Co. Ltd.		58,005
	12,600	Full Speed, Inc.		57,055
	40,400	FULLCAST Holdings Co. Ltd.		848,104
	1,000	Funai Soken Holdings, Inc.		24,289
	4,700	Furukawa Battery Co. Ltd. (The)		29,291
	17,400	Furukawa Co. Ltd.		251,679
	10,300	Furukawa Electric Co. Ltd.		291,860
	115,300	Furuno Electric Co. Ltd.		1,205,424
	8,500	Furusato Industries Ltd.		130,188
	22,100	Furyu Corp.		200,351
	1,100	Fuso Pharmaceutical Industries Ltd.		22,491
	22,800	Futaba Industrial Co. Ltd.		162,993
	65,700	Future Corp.		1,077,458
	4,200	Fuyo General Lease Co. Ltd.		276,137
	9,000	Gakken Holdings Co. Ltd.		495,879
	900	Gakkyusha Co. Ltd.		10,618
	3,000	GCA Corp.		24,086
	6,700	Gecoss Corp.		58,630
	28,642	Genki Sushi Co. Ltd.		737,600
	800	Genky DrugStores Co. Ltd.		18,016
	17,600	Geo Holdings Corp.		220,183
	6,600	Geostr Corp.		25,486
	800	Giken Ltd.		29,966
	900	GL Sciences, Inc.		12,343
	11,600	GLOBERIDE, Inc.		297,976
	18,300	Glory Ltd.		542,272
	2,000	Glosel Co. Ltd.		8,204
	600	GMO Cloud KK		15,107
	2,300	GMO internet, Inc.		39,146
	43,880	Goldcrest Co. Ltd.		910,188
	1,200	Goldwin, Inc.		92,342
	3,200	Grandy House Corp.		14,638
	470,600	Gree, Inc.		2,244,273
	2,000	gremz, Inc.		37,652
	11,800	GS Yuasa Corp.		217,228
	5,200	G-Tekt Corp.		90,623
	32,570	GungHo Online Entertainment, Inc.		709,368
	162,000	Gunma Bank Ltd. (The)		552,051
	1,000	Gunosy, Inc.(a)		16,529
	27,200	Gunze Ltd.		1,192,629
	288,100	Gurunavi, Inc.		2,545,119
	2,200	H.I.S. Co. Ltd.		57,368
	13,435	H2O Retailing Corp.		153,646
	178,700	Hachijuni Bank Ltd. (The)		777,748
	3,200	Hagihara Industries, Inc.		48,360
	900	Hagiwara Electric Holdings Co. Ltd.		24,211

Shares			Value
JAPAN (continued)
	1,700	Hakudo Co. Ltd.	$	21,677
	1,400	Hakuto Co. Ltd.		16,827
	500	Halows Co. Ltd.		12,293
	6,900	Hamakyorex Co. Ltd.		237,369
	4,600	Hanwa Co. Ltd.		135,243
	30,200	Happinet Corp.		383,128
	1,300	Harada Industry Co. Ltd.		11,087
	4,500	Harima Chemicals Group, Inc.		50,588
	1,000	Harmonic Drive Systems, Inc.		46,856
	1,400	Haruyama Holdings, Inc.		10,747
	264,600	Haseko Corp.		3,442,569
	800	Hashimoto Sogyo Holdings Co. Ltd.		12,697
	65,760	Hazama Ando Corp.		512,732
	193,200	Heiwa Corp.		3,993,170
	1,400	Heiwa Real Estate Co. Ltd.		33,927
	30,574	Heiwado Co. Ltd.		570,201
	5,800	Helios Techno Holding Co. Ltd.		33,246
	50,478	Hiday Hidaka Corp.		992,359
	700	Hinokiya Group Co. Ltd.		13,509
	12,600	Hioki EE Corp.		444,541
	600	Hirata Corp.		42,504
	281,549	Hiroshima Bank Ltd. (The)		1,454,805
	5,400	Hiroshima Gas Co. Ltd.		18,152
	1,500	Hisamitsu Pharmaceutical Co., Inc.		70,423
	8,300	Hitachi Capital Corp.		187,459
	15,600	Hitachi Chemical Co. Ltd.		517,881
	1,900	Hitachi Transport System Ltd.		54,278
	10,000	Hitachi Zosen Corp.		34,077
	21,100	Hochiki Corp.		296,795
	1,600	Hodogaya Chemical Co. Ltd.		60,895
	1,200	Hogy Medical Co. Ltd.		40,393
	7,700	Hokkaido Electric Power Co., Inc.		40,500
	600	Hokkaido Gas Co. Ltd.		9,023
	7,200	Hokkan Holdings Ltd.		116,811
	10,000	Hokko Chemical Industry Co. Ltd.		55,746
	4,800	Hokkoku Bank Ltd. (The)		136,457
	25,600	Hokuetsu Corp.		131,568
	47,600	Hokuetsu Industries Co. Ltd.		563,760
	209,000	Hokuhoku Financial Group, Inc.		2,068,905
	3,000	Hokuriku Electric Industry Co. Ltd.		32,392
	2,800	Hokuriku Electric Power Co.(a)		20,043
	3,400	Hokuriku Electrical Construction Co. Ltd.		31,107
	2,300	Hokuto Corp.		41,468
	56,100	Honeys Holdings Co. Ltd.		709,107
	400	Honshu Chemical Industry Co. Ltd.		4,578
	2,100	Hoosiers Holdings		13,165
	1,300	Horiba Ltd.		88,842
	4,500	Hosiden Corp.		47,713

Shares			Value
JAPAN (continued)
	15,400	Hosokawa Micron Corp.	$	564,719
	1,200	House Foods Group, Inc.		45,726
	62,000	Hyakugo Bank Ltd. (The)		201,519
	18,800	Hyakujushi Bank Ltd. (The)		394,140
	13,600	Ibiden Co. Ltd.		315,348
	17,400	IBJ Leasing Co. Ltd.		494,657
	400	Ichibanya Co. Ltd.		18,780
	16,400	Ichigo, Inc.		65,758
	1,200	Ichiken Co., Ltd.		19,102
	41,200	Ichikoh Industries Ltd.		330,775
	5,400	Ichinen Holdings Co. Ltd.		65,856
	9,800	Ichiyoshi Securities Co. Ltd.		63,797
	11,000	ID Holdings Corp.		137,716
	1,700	Idec Corp/Japan		34,932
	3,100	IDOM, Inc.		13,176
	900	Ihara Science Corp.		12,251
	22,100	IHI Corp.		552,756
	11,800	Iino Kaiun Kaisha Ltd.		39,993
	6,180	IJTT Co. Ltd.		30,731
	900	Ikegami Tsushinki Co. Ltd.		9,518
	19,100	Imagica Robot Holdings, Inc.		100,284
	19,600	Imasen Electric Industrial		170,608
	400	Imuraya Group Co. Ltd.		7,612
	4,200	Inaba Denki Sangyo Co. Ltd.		194,851
	4,100	Inabata & Co. Ltd.		54,178
	4,000	Inageya Co. Ltd.		53,968
	72,700	Ines Corp.		822,663
	7,800	I-Net Corp/Kanagawa		100,687
	155,800	Infocom Corp.		3,279,317
	783,600	Infomart Corp.		11,900,213
	9,200	Information Services International-Dentsu Ltd.		321,178
	2,400	Innotech Corp.		21,113
	625	Insource Co. Ltd.		16,813
	17,100	Intage Holdings, Inc.		153,281
	75,700	Internet Initiative Japan, Inc.		1,805,752
	1,600	Inui Global Logistics Co. Ltd.		17,439
	1,000	I-O Data Device, Inc.		8,519
	900	Iriso Electronics Co. Ltd.		45,088
	12,500	ISB Corp.		189,369
	2,300	Iseki & Co. Ltd.		35,313
	33,300	Isetan Mitsukoshi Holdings Ltd.		267,658
	26,000	Ishihara Sangyo Kaisha Ltd.		271,821
	1,700	Istyle, Inc.(a)		11,775
	12,600	Itochu Enex Co. Ltd.		105,943
	700	Itochu-Shokuhin Co. Ltd.		33,901
	7,600	Itoham Yonekyu Holdings, Inc.		49,264
	17,100	Itoki Corp.		78,857
	3,900	IwaiCosmo Holdings, Inc.		42,507
	38,100	Iwaki & Co. Ltd.		161,940
	1,800	Iwasaki Electric Co. Ltd.		23,552
	10,100	Iwatani Corp.		352,130
	122,700	Iyo Bank Ltd. (The)		655,597
	2,000	Izumi Co. Ltd.		75,655
	21,400	J. Front Retailing Co. Ltd.		274,461
	1,500	JAC Recruitment Co. Ltd.		28,544

Shares			Value
JAPAN (continued)
	4,800	Jaccs Co. Ltd.	$	109,255
	600	Jalux, Inc.		14,012
	1,900	Janome Sewing Machine Co. Ltd.		7,302
	1,600	Japan Airport Terminal Co. Ltd.		79,859
	72,500	Japan Aviation Electronics Industry Ltd.		1,367,557
	36,300	Japan Cash Machine Co. Ltd.		327,403
	142,600	Japan Display, Inc.(a)		84,512
	1,400	Japan Electronic Materials Corp.		9,347
	1,299	Japan Excellent, Inc. REIT		2,236,171
	1,000	Japan Investment Adviser Co. Ltd.		18,928
	2,200	Japan Lifeline Co. Ltd.		34,246
	2,800	Japan Material Co. Ltd.		39,800
	27,900	Japan Medical Dynamic Marketing, Inc.		487,262
	600	Japan Oil Transportation Co. Ltd.		15,679
	3,000	Japan Property Management Center Co., Ltd.		40,976
	13,500	Japan Pulp & Paper Co. Ltd.		523,173
	2,010	Japan Rental Housing Investments, Inc. REIT		1,928,290
	6,200	Japan Securities Finance Co. Ltd.		30,027
	10,500	Japan Steel Works Ltd. (The)		225,090
	24,200	Japan System Techniques Co. Ltd.		293,788
	11,300	Japan Transcity Corp.		58,493
	7,100	Japan Wool Textile Co. Ltd. (The)		70,152
	25,291	JBCC Holdings, Inc.		424,834
	500	JCR Pharmaceuticals Co. Ltd.		38,800
	11,100	JCU Corp.		275,059
	72,200	Jeol Ltd.		1,938,215
	5,200	JGC Corp.		76,322
	700	JINS Holdings, Inc.		43,949
	3,600	JK Holdings Co. Ltd.		19,168
	14,700	JMS Co. Ltd.		91,884
	1,900	Joban Kosan Co. Ltd.		30,913
	1,700	J-Oil Mills, Inc.		71,784
	5,200	Joshin Denki Co. Ltd.		105,165
	4,300	JP-Holdings, Inc.		11,508
	1,400	JSP Corp.		26,110
	9,800	JSR Corp.		185,945
	13,300	JTEKT Corp.		171,684
	86,100	Juki Corp.		786,931
	55,200	Juroku Bank Ltd. (The)		1,273,807
	100,600	JVC Kenwood Corp.		295,307
	143,600	Kadokawa Corp.		2,067,766
	2,400	Kaga Electronics Co. Ltd.		47,115
	2,200	Kagome Co. Ltd.		55,698
	58,400	Kakaku.com, Inc.		1,364,415
	114,895	Kaken Pharmaceutical Co. Ltd.		5,660,167
	600	Kakiyasu Honten Co. Ltd.		11,934

Shares			Value
JAPAN (continued)
	600	Kameda Seika Co. Ltd.	$	27,086
	9,500	Kamei Corp.		109,611
	2,600	Kamigumi Co. Ltd.		59,083
	2,300	Kanaden Corp.		28,327
	1,000	Kanagawa Chuo Kotsu Co. Ltd.		36,114
	87,500	Kanamoto Co. Ltd.		2,362,719
	261,700	Kandenko Co. Ltd.		2,491,227
	9,700	Kaneka Corp.		326,507
	1,300	Kaneko Seeds Co. Ltd.		18,274
	36,400	Kanematsu Corp.		446,953
	1,000	Kanematsu Electronics Ltd.		31,345
	20,951	Kansai Mirai Financial Group, Inc.		137,940
	6,500	Kanto Denka Kogyo Co. Ltd.		58,144
	1,400	Kappa Create Co. Ltd.		18,163
	7,000	Kasai Kogyo Co. Ltd.		57,107
	8,800	Kato Sangyo Co. Ltd.		282,767
	1,000	Kato Works Co. Ltd.		19,057
	6,200	KAWADA Technologies, Inc.		412,223
	500	Kawagishi Bridge Works Co. Ltd.		11,066
	22,700	Kawai Musical Instruments Manufacturing Co. Ltd.		646,379
	9,100	Kawasaki Heavy Industries Ltd.		221,033
	9,300	Kawasaki Kisen Kaisha Ltd.(a)		140,632
	900	Kawata Manufacturing Co. Ltd.		9,234
	29,958	Keihanshin Building Co. Ltd.		376,174
	119,400	Keihin Corp.		2,873,605
	110,995	Keiyo Bank Ltd. (The)		704,061
	1,600	KEL Corp.		12,386
	30	Kenedix Office Investment Corp. REIT		235,022
	7,200	Kenedix, Inc.		39,404
	400	Kenko Mayonnaise Co. Ltd.		9,505
	7,500	Kewpie Corp.		170,849
	1,225	Key Coffee, Inc.		26,476
	700	KFC Holdings Japan Ltd.		14,987
	400	KH Neochem Co. Ltd.		9,842
	3,100	Kimura Chemical Plants Co. Ltd.		12,947
	3,600	Kimura Unity Co. Ltd.		36,837
	4,900	King Co. Ltd.		26,227
	1,300	Kinki Sharyo Co. Ltd. (The)(a)		19,093
	4,100	Kintetsu World Express, Inc.		67,049
	900	Kirindo Holdings Co. Ltd.		18,093
	500	Ki-Star Real Estate Co. Ltd.		9,019
	3,500	Kitagawa Corp.		68,094
	3,300	Kita-Nippon Bank Ltd. (The)		58,489
	4,100	Kitano Construction Corp.		108,129
	30,900	Kito Corp.		475,275
	23,700	Kitz Corp.		163,282
	32,300	Kiyo Bank Ltd. (The)		503,986
	2,900	Koa Corp.		36,871
	12,400	Koatsu Gas Kogyo Co. Ltd.		98,865
	2,400	Kobe Bussan Co. Ltd.		71,229

Shares			Value
JAPAN (continued)
	300	Kobe Electric Railway Co. Ltd.(a)	$	10,932
	49,700	Kobe Steel Ltd.		270,614
	25,466	Kohnan Shoji Co. Ltd.		594,262
	1,300	Kohsoku Corp.		15,626
	300	Koike Sanso Kogyo Co. Ltd.		5,923
	201,500	Kojima Co. Ltd.		796,745
	51,600	Kokuyo Co. Ltd.		763,560
	2,200	Komatsu Matere Co. Ltd.		17,194
	1,600	Komatsu Wall Industry Co. Ltd.		33,529
	3,300	KOMEDA Holdings Co. Ltd.		64,387
	14,700	Komehyo Co. Ltd.		149,600
	41,600	Komeri Co. Ltd.		896,794
	5,100	Konaka Co. Ltd.		19,882
	5,500	Kondotec, Inc.		49,810
	252,900	Konica Minolta, Inc.		1,871,165
	2,400	Konishi Co.Ltd.		34,248
	3,000	Konoike Transport Co. Ltd.		46,060
	1,300	Konoshima Chemical Co. Ltd.		10,533
	1,400	Kosaido Co. Ltd.(a)		9,399
	2,000	Koshidaka Holdings Co. Ltd.		29,243
	800	Kotobuki Spirits Co. Ltd.		55,264
	14,400	Kourakuen Holdings Corp.		269,492
	700	Krosaki Harima Corp.		37,726
	3,100	KRS Corp.		55,202
	235,812	K’s Holdings Corp.		2,705,538
	2,000	KU Holdings Co. Ltd.		16,279
	2,900	Kumagai Gumi Co. Ltd.		90,231
	4,867	Kumiai Chemical Industry Co. Ltd.		45,430
	17,500	Kurabo Industries Ltd.		404,158
	1,100	Kureha Corp.		71,099
	900	Kurimoto Ltd.		14,726
	4,300	Kurita Water Industries Ltd.		125,030
	1,800	Kuriyama Holdings Corp.		13,801
	700	Kusuri no Aoki Holdings Co. Ltd.		52,440
	1,200	KYB Corp.(a)		38,615
	4,700	Kyoden Co. Ltd.		13,579
	2,200	Kyodo Printing Co. Ltd.		55,861
	700	Kyoei Steel Ltd.		12,893
	2,600	Kyokuto Boeki Kaisha Ltd.		47,719
	61,900	Kyokuto Kaihatsu Kogyo Co. Ltd.		839,167
	1,400	Kyokuto Securities Co. Ltd.		10,527
	1,200	Kyokuyo Co. Ltd.		32,247
	56,500	KYORIN Holdings, Inc.		995,643
	1,240	Kyoritsu Maintenance Co. Ltd.		55,231
	14,800	Kyoritsu Printing Co. Ltd.		22,202
	6,900	Kyosan Electric Manufacturing Co. Ltd.		32,650
	7,200	Kyowa Electronic Instruments Co. Ltd.		29,003
	5,032	Kyowa Exeo Corp.		129,213
	2,700	Kyowa Leather Cloth Co. Ltd.		19,827
	1,800	Kyudenko Corp.		59,506

Shares			Value
JAPAN (continued)
	268,540	Kyushu Financial Group, Inc.	$	1,096,640
	700	LAC Co. Ltd.		8,472
	1,300	Lasertec Corp.		94,379
	56,900	Lawson, Inc.		3,150,866
	2,400	LEC, Inc.		24,380
	17,700	Legs Co. Ltd.		227,991
	8,100	Life Corp.		186,692
	21,800	LIFULL Co. Ltd.(a)		133,033
	700	Like Co. Ltd.		11,486
	500	Linical Co. Ltd.		4,653
	3,800	Link And Motivation, Inc.		20,515
	88,600	Lintec Corp.		1,879,643
	4,800	LIXIL Group Corp.		90,053
	60,400	LIXIL VIVA Corp.		1,050,945
	400	M&A Capital Partners Co. Ltd.(a)		26,780
	225,300	M3, Inc.		5,432,736
	1,400	Mabuchi Motor Co. Ltd.		57,366
	6,050	Macnica Fuji Electronics Holdings, Inc.		103,812
	2,000	Macromill, Inc.		17,983
	22,200	Maeda Corp.		208,453
	1,200	Maeda Kosen Co. Ltd.		20,224
	4,500	Maeda Road Construction Co. Ltd.		97,592
	2,900	Makino Milling Machine Co. Ltd.		146,088
	72,000	Mamezou Holdings Co. Ltd.		1,186,110
	4,012	Mandom Corp.		112,198
	2,100	Mani, Inc.		55,869
	2,200	Mars Group Holdings Corp.		40,887
	22,800	Marubun Corp.		130,479
	2,000	Marudai Food Co. Ltd.		43,356
	400	Marufuji Sheet Piling Co. Ltd.		8,223
	2,400	Maruha Nichiro Corp.		62,517
	7,500	Maruka Corp.		164,251
	2,600	Marusan Securities Co. Ltd.		12,616
	1,500	Maruwa Co. Ltd.		98,759
	2,000	Maruyama Manufacturing Co., Inc.		23,447
	5,992	Maruzen Showa Unyu Co. Ltd.		169,512
	51,600	Marvelous, Inc.		366,012
	3,600	Matsuda Sangyo Co. Ltd.		54,372
	4,700	Matsui Securities Co. Ltd.		38,909
	5,300	Matsumotokiyoshi Holdings Co. Ltd.		187,726
	2,400	Matsuya Co. Ltd.		18,668
	64,100	Max Co. Ltd.		1,185,366
	1,900	Maxell Holdings Ltd.		26,391
	2,900	Maxvalu Tokai Co. Ltd.		59,321
	5,300	MCJ Co. Ltd.		35,189
	136,090	Mebuki Financial Group, Inc.		349,078
	500	Media Do Holdings Co. Ltd.		15,673
	800	Medical Data Vision Co. Ltd.(a)		8,423
	19,200	Medical System Network Co. Ltd.		96,187

Shares			Value
JAPAN (continued)
	95,700	Medipal Holdings Corp.	$	2,199,531
	6,200	Megmilk Snow Brand Co. Ltd.		149,847
	107,900	Meidensha Corp.		2,091,256
	1,100	Meiji Electric Industries Co. Ltd.		15,249
	1,500	Meiko Electronics Co. Ltd.		24,975
	5,700	Meisei Industrial Co. Ltd.		45,551
	55,300	Meitec Corp.		2,903,519
	8,300	Meiwa Corp.		44,732
	2,000	Meiwa Estate Co. Ltd.		10,705
	48,500	Menicon Co. Ltd.		1,726,850
	2,800	Mercuria Investment Co. Ltd.		20,120
	55,054	METAWATER Co. Ltd.		2,166,677
	1,400	Michinoku Bank Ltd. (The)		22,415
	89,600	Micronics Japan Co. Ltd.		844,641
	5,500	Mie Kotsu Group Holdings, Inc.		30,609
	11,200	Mikuni Corp.		37,544
	2,374	Milbon Co. Ltd.		131,022
	4,700	MIMAKI ENGINEERING Co. Ltd.		23,763
	25,600	Mimasu Semiconductor Industry Co. Ltd.		504,699
	1,800	Minori Solutions Co. Ltd.		44,971
	3,800	Miraca Holdings, Inc.		90,294
	188,030	Mirait Holdings Corp.		3,038,359
	1,300	Miroku Jyoho Service Co. Ltd.		34,537
	4,400	Misawa Homes Co. Ltd.		47,467
	6,400	Mitani Corp.		322,993
	3,700	Mitani Sangyo Co. Ltd.		11,409
	500	Mitani Sekisan Co. Ltd.		16,668
	6,900	Mito Securities Co. Ltd.		15,271
	5,300	Mitsuba Corp.		33,815
	18,500	Mitsubishi Gas Chemical Co., Inc.		264,335
	1,000	Mitsubishi Kakoki Kaisha Ltd.		18,048
	51,000	Mitsubishi Logisnext Co. Ltd.		554,440
	1,500	Mitsubishi Logistics Corp.		38,365
	14,200	Mitsubishi Materials Corp.		411,575
	7,900	Mitsubishi Paper Mills Ltd.		36,285
	3,100	Mitsubishi Pencil Co. Ltd.		49,346
	25,200	Mitsubishi Research Institute, Inc.		898,417
	5,100	Mitsubishi Shokuhin Co. Ltd.		130,393
	1,000	Mitsubishi Steel Manufacturing Co. Ltd.		10,732
	112,300	Mitsubishi UFJ Lease & Finance Co. Ltd.		695,701
	8,100	Mitsuboshi Belting Ltd.		153,914
	3,700	Mitsui E&S Holdings Co. Ltd.(a)		37,894
	1,200	Mitsui High-Tec, Inc.		20,902
	105,400	Mitsui Matsushima Holdings Co. Ltd.		1,265,893
	7,600	Mitsui Mining & Smelting Co. Ltd.		215,705
	13,100	Mitsui OSK Lines Ltd.		361,011
	900	Mitsui Sugar Co. Ltd.		19,652
	44,049	Mitsui-Soko Holdings Co. Ltd.		719,942

Shares			Value
JAPAN (continued)
	1,700	Miura Co. Ltd.	$	51,792
	107,400	Mixi, Inc.		2,085,543
	1,100	Miyaji Engineering Group, Inc.		21,085
	4,500	Miyazaki Bank Ltd. (The)		116,094
	55,450	Mizuno Corp.		1,460,832
	84,152	Mochida Pharmaceutical Co. Ltd.		3,381,977
	700	Modec, Inc.		19,511
	10,300	Monex Group, Inc.		25,371
	1,200	Monogatari Corp. (The)		104,010
	258,400	MonotaRO Co. Ltd.		7,908,251
	900	MORESCO Corp.		11,159
	1,200	Morinaga & Co. Ltd.		59,450
	7,100	Morinaga Milk Industry Co. Ltd.		276,465
	2,400	Morita Holdings Corp.		40,648
	2,000	Morito Co. Ltd.		14,909
	1,106	Mory Industries, Inc.		23,720
	8,400	MrMax Holdings Ltd.		37,415
	11,000	Mugen Estate Co. Ltd.		68,655
	8,200	Musashi Seimitsu Industry Co. Ltd.		115,494
	8,700	Musashino Bank Ltd. (The)		153,634
	300	N Field Co. Ltd.		1,772
	2,900	Nabtesco Corp.		93,990
	2,200	NAC Co. Ltd.		21,167
	2,200	Nachi-Fujikoshi Corp.		106,954
	1,300	Nadex Co. Ltd.		10,967
	800	Nafco Co. Ltd.		9,579
	2,200	Nagano Bank Ltd. (The)		33,349
	11,000	Nagano Keiki Co. Ltd.		76,192
	9,200	Nagase & Co. Ltd.		140,824
	1,800	Nagatanien Holdings Co. Ltd.		35,920
	300	Nagawa Co. Ltd.		18,335
	195,198	Nagoya Railroad Co. Ltd.		6,236,069
	12,500	Nakabayashi Co. Ltd.		62,853
	124,064	Nakanishi, Inc.		2,074,818
	4,300	Nakano Corp.		19,830
	3,800	Nakayama Steel Works Ltd.		16,398
	2,000	Nakayamafuku Co. Ltd.		10,445
	1,700	Nankai Electric Railway Co. Ltd.		44,456
	59,600	Nanto Bank Ltd. (The)		1,525,460
	800	Natori Co. Ltd.		12,549
	4,900	NCS&A Co. Ltd.		21,417
	14,236	NEC Capital Solutions Ltd.		303,334
	900	NEC Networks & System Integration Corp.		28,586
	137,900	NET One Systems Co. Ltd.		3,756,846
	1,700	Nextage Co. Ltd.		17,002
	6,300	NGK Spark Plug Co. Ltd.		129,337
	11,800	NH Foods Ltd.		496,629
	51,400	NHK Spring Co. Ltd.		425,041
	1,400	Nicca Chemical Co. Ltd.		11,564
	6,600	Nichias Corp.		140,752
	600	Nichiban Co. Ltd.		10,279
	4,400	Nichicon Corp.		43,841

Shares			Value
JAPAN (continued)
	700	Nichiden Corp.	$	13,321
	1,500	Nichiha Corp.		43,476
	89,700	Nichii Gakkan Co.		1,526,702
	229,250	Nichi-iko Pharmaceutical Co. Ltd.		2,702,428
	3,800	Nichirei Corp.		87,443
	2,760	Nichirin Co. Ltd.		44,062
	4,200	Nifco, Inc.		112,010
	1,100	Nihon Chouzai Co. Ltd.		40,133
	2,200	Nihon Denkei Co. Ltd.		26,382
	21,400	Nihon Falcom Corp.		248,897
	10,000	Nihon House Holdings Co. Ltd.		47,041
	200,500	Nihon Kohden Corp.		6,024,840
	7,900	Nihon M&A Center, Inc.		242,143
	2,700	Nihon Nohyaku Co. Ltd.		14,276
	5,900	Nihon Parkerizing Co. Ltd.		70,096
	6,400	Nihon Plast Co. Ltd.		44,330
	1,600	Nihon Tokushu Toryo Co. Ltd.		17,646
	253,800	Nihon Unisys Ltd.		8,425,530
	1,000	Nihon Yamamura Glass Co. Ltd.		12,010
	8,500	Nikkiso Co. Ltd.		92,879
	4,100	Nikkon Holdings Co. Ltd.		100,687
	400	Nippi, Inc.		14,483
	138,100	Nippo Corp.		2,856,889
	10,400	Nippon Air Conditioning Services Co. Ltd.		69,918
	6,100	Nippon Carbide Industries Co. Inc.		82,810
	600	Nippon Carbon Co. Ltd.		23,308
	11,760	Nippon Chemical Industrial Co. Ltd.		349,566
	300	Nippon Chemiphar Co. Ltd.		8,806
	52,400	Nippon Coke & Engineering Co. Ltd.		42,215
	1,000	Nippon Commercial Development Co. Ltd.		14,316
	17,600	Nippon Concrete Industries Co. Ltd.		51,012
	11,100	Nippon Denko Co. Ltd.		19,427
	2,100	Nippon Densetsu Kogyo Co. Ltd.		45,932
	9,100	Nippon Electric Glass Co. Ltd.		207,213
	2,800	Nippon Filcon Co. Ltd.		13,716
	2,600	Nippon Fine Chemical Co. Ltd.		30,553
	151,000	Nippon Flour Mills Co. Ltd.		2,439,994
	3,500	Nippon Gas Co. Ltd.		99,662
	20,700	Nippon Kanzai Co. Ltd.		365,542
	224,235	Nippon Kayaku Co. Ltd.		2,747,133
	1,600	Nippon Kinzoku Co. Ltd.		12,964
	2,400	Nippon Koei Co. Ltd.		74,785
	142,100	Nippon Light Metal Holdings Co. Ltd.		278,963
	14,500	Nippon Paper Industries Co. Ltd.		251,491
	82,000	Nippon Parking Development Co. Ltd.		125,289

Shares			Value
JAPAN (continued)
	3,400	Nippon Pillar Packing Co. Ltd.	$	46,251
	2,200	Nippon Piston Ring Co. Ltd.		28,053
	4,000	Nippon Rietec Co. Ltd.		46,671
	1,700	Nippon Road Co. Ltd. (The)		104,371
	1,400	Nippon Seisen Co. Ltd.		35,742
	900	Nippon Sharyo Ltd.(a)		23,060
	13,700	Nippon Sheet Glass Co. Ltd.		86,648
	1,600	Nippon Shokubai Co. Ltd.		99,565
	7,200	Nippon Signal Co. Ltd.		83,608
	34,000	Nippon Soda Co. Ltd.		914,307
	7,248	Nippon Steel Trading Corp.		305,048
	10,900	Nippon Suisan Kaisha Ltd.		62,681
	3,000	Nippon Systemware Co. Ltd.		73,229
	7,200	Nippon Thompson Co. Ltd.		32,603
	2,340	Nippon Yakin Kogyo Co. Ltd.		52,026
	24,800	Nippon Yusen KK		450,805
	7,100	Nipro Corp.		83,630
	6,500	Nishimatsu Construction Co. Ltd.		136,573
	600	Nishimoto Co. Ltd.		19,391
	291,800	Nishi-Nippon Financial Holdings, Inc.		2,188,703
	98,583	Nishi-Nippon Railroad Co. Ltd.		2,299,570
	3,100	Nishio Rent All Co. Ltd.		83,794
	1,400	Nissan Shatai Co. Ltd.		12,990
	9,600	Nissan Tokyo Sales Holdings Co. Ltd.		26,847
	13,300	Nissei Plastic Industrial Co. Ltd.		138,431
	6,200	Nissha Co. Ltd.		65,336
	5,500	Nisshin Fudosan Co. Ltd/Japan		25,822
	8,300	Nisshin Oillio Group Ltd. (The)		292,448
	30,723	Nisshinbo Holdings, Inc.		258,894
	4,200	Nissin Corp.		66,856
	111,000	Nissin Electric Co. Ltd.		1,313,622
	6,200	Nissin Kogyo Co. Ltd.		128,260
	33,400	Nisso Corp.		405,476
	1,100	Nitta Corp.		32,443
	3,400	Nitta Gelatin, Inc.		22,354
	3,700	Nittan Valve Co. Ltd.		9,559
	400	Nittetsu Mining Co. Ltd.		16,853
	1,400	Nitto Boseki Co. Ltd.		42,911
	800	Nitto Fuji Flour Milling Co. Ltd.		46,893
	57,500	Nitto Kogyo Corp.		1,218,793
	7,500	Nitto Seiko Co. Ltd.		42,365
	3,200	Noda Corp.		23,232
	1,200	Noevir Holdings Co. Ltd.		65,228
	2,900	NOF Corp.		99,093
	1,600	Nohmi Bosai Ltd.		33,573
	32,500	Nojima Corp.		582,647
	14,400	NOK Corp.		228,288
	44,700	Nomura Co. Ltd.		557,146
	33,200	Nomura Real Estate Holdings, Inc.		791,340
	11,400	Noritake Co. Ltd.		528,882
	32,000	Noritz Corp.		400,037
	427,800	North Pacific Bank Ltd.		930,947

Shares			Value
JAPAN (continued)
	1,600	Nozawa Corp.	$	10,105
	42,600	NS Solutions Corp.		1,461,552
	700	NS Tool Co. Ltd.		13,742
	1,700	NS United Kaiun Kaisha Ltd.		38,805
	112,211	NSD Co. Ltd.		3,475,746
	61,800	NTN Corp.		194,001
	32,218	NuFlare Technology, Inc.		2,407,623
	400	Obara Group, Inc.		15,075
	31,600	OBIC Business Consultants Ltd.		1,280,211
	1,800	Odelic Co. Ltd.		66,089
	9,400	Oenon Holdings, Inc.		34,818
	30,400	Ogaki Kyoritsu Bank Ltd. (The)		740,083
	1,500	Ohara, Inc.		20,891
	55,422	Ohsho Food Service Corp.		3,356,421
	2,845	Oiles Corp.		43,601
	1,500	Oisix ra daichi, Inc.(a)		19,474
	1,900	Oita Bank Ltd. (The)		52,959
	2,500	Okabe Co. Ltd.		21,321
	800	Okada Aiyon Corp.		9,986
	600	Okamoto Industries, Inc.		23,335
	116,300	Okamura Corp.		1,176,031
	7,300	Okasan Securities Group, Inc.		26,026
	294,100	Oki Electric Industry Co. Ltd.		3,959,824
	2,200	Okinawa Cellular Telephone Co.		75,275
	1,621	Okinawa Electric Power Co., Inc. (The)		26,974
	3,800	OKUMA Corp.		230,132
	1,100	Okumura Corp.		31,373
	1,500	Okura Industrial Co. Ltd.		27,739
	37,400	Okuwa Co. Ltd.		473,777
	4,200	Onoken Co. Ltd.		55,422
	218,800	Onward Holdings Co. Ltd.		1,270,373
	300	Open Door, Inc.(a)		5,784
	6,800	Open House Co. Ltd.		175,116
	1,700	Optex Group Co. Ltd.		26,321
	18,500	Optorun Co. Ltd.		567,900
	297,500	Orient Corp.		438,027
	7,000	Origin Co. Ltd.		98,268
	2,600	Osaka Organic Chemical Industry Ltd.		29,253
	2,000	Osaka Soda Co. Ltd.		57,042
	170,900	Osaki Electric Co. Ltd.		1,191,663
	3,100	OSG Corp.		67,087
	286,300	OSJB Holdings Corp.		702,560
	500	OUG Holdings, Inc.		13,196
	4,200	Outsourcing Inc.		45,738
	48,730	Oyo Corp.		562,703
	7,800	Pacific Industrial Co. Ltd.		107,621
	900	Pacific Metals Co. Ltd.		21,727
	1,750	Pack Corp. (The)		62,147
	400	PAL GROUP Holdings Co. Ltd.		12,705
	7,850	PALTAC Corp.		382,359
	30,056	Paramount Bed Holdings Co. Ltd.		1,161,995
	7,200	Park24 Co. Ltd.		170,616

Shares			Value
JAPAN (continued)
	400	Pasco Corp.(a)	$	4,223
	78,100	Pasona Group, Inc.		1,122,430
	12,100	PC Depot Corp.		54,119
	7,400	PCA Corp.		262,450
	32,700	Pegasus Sewing Machine Manufacturing Co. Ltd.		164,424
	15,500	Penta-Ocean Construction Co. Ltd.		95,736
	183,900	PeptiDream, Inc.(a)		9,298,028
	700	PIA Corp.		30,109
	1,000	Pickles Corp.		24,493
	1,400	Pilot Corp.		57,431
	1,700	Piolax, Inc.		33,641
	2,000	Plenus Co. Ltd.		34,911
	38,300	Poletowin Pitcrew Holdings, Inc.		374,524
	253	Premier Investment Corp. REIT		379,769
	36,200	Press Kogyo Co. Ltd.		155,205
	5,100	Pressance Corp.		83,874
	5,600	Prestige International, Inc.		46,775
	58,952	Proto Corp.		641,435
	52,000	PS Mitsubishi Construction Co. Ltd.		373,664
	21,300	Punch Industry Co. Ltd.		107,299
	900	Qol Holdings Co. Ltd.		12,701
	5,600	Quick Co. Ltd.		79,911
	2,700	Raito Kogyo Co. Ltd.		43,229
	2,200	Raiznext Corp.		22,552
	1,400	Rakus Co. Ltd.		21,132
	2,000	Rasa Industries Ltd.		27,614
	40,600	Raysum Co. Ltd.		430,475
	132,990	Relia, Inc.		1,742,577
	4,200	Relo Group, Inc.		103,648
	1,100	Renaissance, Inc.		17,103
	21,140	Rengo Co. Ltd.		154,650
	3,900	Resorttrust, Inc.		62,622
	1,600	Restar Holdings Corp.		27,410
	2,000	Retail Partners Co. Ltd.		16,520
	40,000	Rheon Automatic Machinery Co. Ltd.		612,649
	1,100	Rhythm Watch Co. Ltd.		10,349
	18,000	Ricoh Leasing Co. Ltd.		610,056
	2,500	Ride On Express Holdings Co. Ltd.		31,554
	1,600	Right On Co. Ltd.		8,445
	1,900	Riken Corp.		71,169
	2,000	Riken Keiki Co. Ltd.		39,559
	42,300	Riken Technos Corp.		201,727
	700	Riken Vitamin Co. Ltd.		25,086
	1,000	Rinnai Corp.		73,988
	9,800	Rion Co. Ltd.		234,587
	3,700	Riso Kagaku Corp.		61,398
	6,900	Riso Kyoiku Co. Ltd.		26,644
	53,300	Rohto Pharmaceutical Co. Ltd.		1,616,423
	1,400	Rokko Butter Co. Ltd.		23,634
	51,500	Roland DG Corp.		1,019,604

Shares			Value
JAPAN (continued)
	900	Rorze Corp.	$	30,836
	105,200	Round One Corp.		1,364,804
	1,400	Royal Holdings Co. Ltd.		35,535
	400	RS Technologies Co. Ltd.		16,576
	8,300	Ryobi Ltd.		156,407
	1,500	Ryoden Corp.		22,877
	1,600	Ryosan Co. Ltd.		41,930
	1,100	S Foods, Inc.		29,743
	29,100	Sac’s Bar Holdings, Inc.		240,636
	1,000	Sagami Rubber Industries Co. Ltd.		13,640
	1,200	Saibu Gas Co. Ltd.		27,903
	800	Saison Information Systems Co. Ltd.		15,409
	38,600	Saizeriya Co. Ltd.		878,946
	32,200	Sakai Chemical Industry Co. Ltd.		812,529
	600	Sakai Heavy Industries Ltd.		17,446
	400	Sakai Moving Service Co. Ltd.		24,039
	1,800	Sakai Ovex Co. Ltd.		31,136
	1,400	Sakura Internet, Inc.		8,297
	13,400	Sala Corp.		81,028
	3,700	SAMTY Co. Ltd.		70,135
	3,200	San Holdings, Inc.		33,485
	3,100	San ju San Financial Group, Inc.		48,313
	1,600	San-A Co. Ltd.		76,155
	27,500	San-Ai Oil Co. Ltd.		292,087
	5,300	Sanden Holdings Corp.(a)		34,944
	1,400	Sanei Architecture Planning Co. Ltd.		20,081
	8,050	Sangetsu Corp.		153,411
	27,400	San-In Godo Bank Ltd. (The)		162,639
	3,500	Sanken Electric Co. Ltd.		83,198
	9,000	Sanko Gosei Ltd.		35,670
	800	Sanko Metal Industrial Co. Ltd.		19,446
	139,973	Sankyo Co. Ltd.		4,918,951
	400	Sankyo Frontier Co. Ltd.		13,242
	18,200	Sankyo Tateyama, Inc.		200,387
	2,900	Sankyu, Inc.		148,773
	9,600	Sanoh Industrial Co. Ltd.		121,345
	4,600	Sanoyas Holdings Corp.		8,434
	1,000	Sansei Landic Co. Ltd.		8,927
	4,300	Sansha Electric Manufacturing Co. Ltd.		30,820
	9,900	Sanwa Holdings Corp.		116,886
	5,700	Sanyo Chemical Industries Ltd.		274,470
	1,300	Sanyo Electric Railway Co. Ltd.		26,183
	800	Sanyo Industries Ltd.		14,861
	7,800	Sanyo Special Steel Co. Ltd.		99,748
	1,200	Sanyo Trading Co. Ltd.		24,002
	8,500	Sapporo Holdings Ltd.		214,645
	16,200	Sato Holdings Corp.		480,795
	2,700	Sato Shoji Corp.		22,802
	1,400	Satori Electric Co. Ltd.		11,966
	11,900	Sawada Holdings Co. Ltd.		101,710

Shares			Value
JAPAN (continued)
	56,222	Sawai Pharmaceutical Co. Ltd.	$	3,181,002
	1,300	Saxa Holdings, Inc.		22,415
	74,600	Scala, Inc.		623,797
	1,900	SCREEN Holdings Co. Ltd.		133,540
	2,800	Scroll Corp.		8,816
	50,300	SCSK Corp.		2,580,443
	200	SEC Carbon Ltd.		15,520
	82,200	Seikagaku Corp.		946,149
	23,200	Seikitokyu Kogyo Co. Ltd.		167,141
	131,200	Seiko Holdings Corp.		3,249,931
	6,600	Seino Holdings Co. Ltd.		85,380
	5,200	Seiren Co. Ltd.		64,717
	6,600	Sekisui Plastics Co. Ltd.		49,077
	22,100	Senko Group Holdings Co. Ltd.		179,272
	2,000	Senshu Electric Co. Ltd.		52,783
	1,400	Seria Co. Ltd.		35,340
	31,200	Seven Bank Ltd.		91,008
	21,023	SFP Holdings Co. Ltd.		432,179
	1,200	Shibaura Electronics Co. Ltd.		35,726
	19,000	Shibaura Mechatronics Corp.		636,031
	3,400	Shibusawa Warehouse Co. Ltd. (The)		66,338
	1,000	Shibuya Corp.		27,567
	1,400	Shidax Corp.(a)		3,448
	500	SHIFT, Inc.(a)		28,753
	52,502	Shiga Bank Ltd. (The)		1,278,639
	2,000	Shikibo Ltd.		17,372
	22,000	Shikoku Bank Ltd. (The)		211,668
	6,900	Shikoku Chemicals Corp.		81,849
	3,200	Shikoku Electric Power Co., Inc.		31,855
	1,000	Shima Seiki Manufacturing Ltd.		24,215
	3,349	Shimachu Co. Ltd.		91,300
	1,100	Shimamura Co. Ltd.		93,814
	17,000	Shimizu Bank Ltd. (The)		308,862
	1,900	Shimojima Co. Ltd.		21,254
	1,800	Shin Nippon Air Technologies Co. Ltd.		35,953
	1,700	Shinagawa Refractories Co. Ltd.		46,046
	6,300	Shindengen Electric Manufacturing Co. Ltd.		215,853
	2,200	Shin-Etsu Polymer Co. Ltd.		19,048
	157,800	Shinko Electric Industries Co. Ltd.		1,553,305
	5,600	Shinko Shoji Co. Ltd.		48,279
	13,800	Shinmaywa Industries Ltd.		170,855
	6,600	Shinnihon Corp.		52,255
	2,100	Shinnihonseiyaku Co. Ltd.		31,970
	9,000	Shinoken Group Co. Ltd.		93,259
	93,100	Shinsei Bank Ltd.		1,467,323
	1,200	Shinsho Corp.		28,492
	1,700	Shinwa Co. Ltd.		38,694
	1,300	Ship Healthcare Holdings, Inc.		55,737
	2,400	Shizuki Electric Co., Inc.		13,223
	62,800	Shizuoka Bank Ltd. (The)		483,837
	31,000	Shizuoka Gas Co. Ltd.		270,701

Shares			Value
JAPAN (continued)
	1,000	SHO-BOND Holdings Co. Ltd.	$	39,078
	800	Shoei Co. Ltd.		35,114
	2,300	Shofu, Inc.		36,420
	2,300	Shoko Co. Ltd.(a)		13,801
	1,000	Showa Aircraft Industry Co. Ltd.		12,973
	138,600	Showa Corp.		2,924,988
	7,700	Showa Denko KK		219,256
	2,600	Showa Sangyo Co. Ltd.		75,840
	1,100	Showa Shinku Co. Ltd.		14,872
	1,100	Sigma Koki Co. Ltd.		13,527
	700	Siix Corp.		10,754
	2,400	Sinanen Holdings Co. Ltd.		43,937
	4,300	Sinfonia Technology Co. Ltd.		53,397
	37,000	Sinko Industries Ltd.		630,771
	6,000	Sintokogio Ltd.		58,505
	52,700	SK-Electronics Co. Ltd.		1,079,474
	182,200	SKY Perfect JSAT Holdings, Inc.		757,550
	131,000	Skylark Holdings Co. Ltd.		2,383,693
	5,600	SMS Co. Ltd.		138,872
	9,600	Sodick Co. Ltd.		84,274
	1,200	Softbank Technology Corp.		23,213
	27,900	Softbrain Co. Ltd.		144,680
	200	Software Service, Inc.		21,595
	2,500	Sogo Medical Holdings Co. Ltd.		43,546
	22,000	Sojitz Corp.		69,673
	2,900	Soken Chemical & Engineering Co. Ltd.		33,085
	3,000	Solasto Corp.		34,448
	15,900	Soliton Systems KK		144,144
	1,400	Sotetsu Holdings, Inc.		37,441
	5,800	Sourcenext Corp.		26,210
	7,200	Sparx Group Co. Ltd.		17,868
	700	SPK Corp.		18,364
	2,000	S-Pool, Inc.		12,149
	1,400	Square Enix Holdings Co. Ltd.		66,636
	400	SRA Holdings, Inc.		9,749
	5,800	ST Corp.		88,619
	80,200	St. Marc Holdings Co. Ltd.		1,795,013
	500	Star Mica Holdings Co. Ltd.		9,103
	2,300	Star Micronics Co. Ltd.		35,568
	8,200	Starts Corp., Inc.		212,536
	900	Starzen Co. Ltd.		38,087
	2,200	St-Care Holding Corp.		10,695
	200	Strike Co. Ltd.		7,232
	48,800	Studio Alice Co. Ltd.		876,222
	1,600	Sugi Holdings Co. Ltd.		89,342
	2,700	Sugimoto & Co. Ltd.		50,855
	12,400	SUMCO Corp.		209,097
	4,100	Sumida Corp.		46,281
	4,100	Suminoe Textile Co. Ltd.		113,748
	1,900	Sumitomo Bakelite Co. Ltd.		79,966
	4,000	Sumitomo Densetsu Co. Ltd.		84,045
	44,800	Sumitomo Forestry Co. Ltd.		655,883
	11,300	Sumitomo Heavy Industries Ltd.		355,250

Shares			Value
JAPAN (continued)
	17,200	Sumitomo Mitsui Construction Co. Ltd.	$	98,431
	6,500	Sumitomo Osaka Cement Co. Ltd.		286,508
	700	Sumitomo Precision Products Co. Ltd.(a)		22,979
	10,600	Sumitomo Riko Co. Ltd.		93,053
	42,203	Sumitomo Rubber Industries Ltd.		563,931
	1,400	Sumitomo Seika Chemicals Co. Ltd.		44,921
	14,800	Sun Frontier Fudousan Co. Ltd.		181,317
	5,400	Suncall Corp.		24,402
	5,200	Sundrug Co. Ltd.		173,109
	56,300	Sushiro Global Holdings Ltd.		3,873,590
	81,900	Suzuken Co. Ltd.		4,398,741
	4,700	Suzuki Co. Ltd.		34,339
	8,500	SWCC Showa Holdings Co. Ltd.		74,461
	6,000	System Research Co. Ltd.		109,399
	253,900	Systena Corp.		3,672,486
	1,100	Syuppin Co. Ltd.		9,595
	3,800	T&K Toka Co. Ltd.		36,596
	1,700	T. Hasegawa Co. Ltd.		31,941
	1,740	Tachibana Eletech Co. Ltd.		29,325
	1,800	Tachikawa Corp.		23,736
	5,800	Tachi-S Co. Ltd.		77,985
	2,600	Tadano Ltd.		23,836
	1,800	Taihei Dengyo Kaisha Ltd.		42,771
	14,000	Taiheiyo Cement Corp.		399,296
	9,300	Taiho Kogyo Co. Ltd.		74,751
	38,900	Taikisha Ltd.		1,269,770
	5,000	Taiko Pharmaceutical Co. Ltd.		134,086
	300	Taisei Lamick Co., Ltd.		8,181
	1,300	Taiyo Holdings Co. Ltd.		47,551
	5,800	Taiyo Yuden Co. Ltd.		155,809
	1,100	Takamatsu Construction Group Co. Ltd.		26,596
	3,500	Takamatsu Machinery Co. Ltd.		28,197
	3,000	Takamiya Co. Ltd.		19,585
	359	Takano Co. Ltd.		2,693
	1,700	Takaoka Toko Co. Ltd.		19,394
	1,900	Takara Bio, Inc.		38,918
	9,100	Takara Leben Co. Ltd.		38,931
	2,100	Takara Standard Co. Ltd.		37,123
	13,100	Takasago International Corp.		330,927
	78,088	Takasago Thermal Engineering Co. Ltd.		1,423,069
	1,300	Takashima & Co. Ltd.		20,970
	6,800	Takashimaya Co. Ltd.		79,467
	2,800	Take And Give Needs Co. Ltd.		32,773
	2,000	Takebishi Corp.		26,558
	15,600	Takeei Corp.		182,306
	3,900	Takeuchi Manufacturing Co. Ltd.		61,792
	700	Takihyo Co. Ltd.		12,322
	1,700	Takisawa Machine Tool Co. Ltd.		21,252

Shares			Value
JAPAN (continued)
	46,700	Takuma Co. Ltd.	$	559,587
	145,400	Tama Home Co. Ltd.		2,550,121
	126,000	Tamron Co. Ltd.		2,778,091
	5,500	Tamura Corp.		31,934
	1,500	Tanabe Engineering Corp.		10,751
	106,400	Tanseisha Co. Ltd.		1,127,156
	12,700	Tatsuta Electric Wire and Cable Co. Ltd.		70,209
	5,600	Tayca Corp.		111,492
	10,700	TBK Co. Ltd.		44,984
	32,000	TDC Soft, Inc.		266,395
	73,800	TechMatrix Corp.		1,664,071
	1,000	Techno Medica Co. Ltd.		20,872
	1,500	TechnoPro Holdings, Inc.		93,342
	27,000	Teijin Ltd.		545,551
	18,600	Teikoku Electric Manufacturing Co. Ltd.		218,570
	1,100	Tekken Corp.		29,682
	34,837	T-Gaia Corp.		845,198
	12,800	THK Co. Ltd.		373,961
	3,800	Tigers Polymer Corp.		22,204
	102,800	TIS, Inc.		6,254,246
	700	TKC Corp.		29,656
	11,600	Toa Corp.		134,164
	1,700	Toa Corp.		23,078
	3,500	Toa Oil Co. Ltd.		80,572
	5,000	Toa Road Corp.		166,682
	3,710	Tobishima Corp.		50,158
	52,200	TOC Co. Ltd.		381,385
	3,100	Tocalo Co. Ltd.		30,945
	61,565	Tochigi Bank Ltd. (The)		130,553
	11,700	Toda Corp.		73,890
	18,300	Toei Animation Co. Ltd.		855,774
	200	Toei Co. Ltd.		27,799
	1,700	Toenec Corp.		55,570
	163,500	Toho Bank Ltd. (The)		404,246
	60,300	Toho Co. Ltd.		2,440,143
	2,200	Toho Co. Ltd.		35,672
	67,164	Toho Gas Co. Ltd.		2,627,724
	110,600	Toho Holdings Co. Ltd.		2,825,682
	2,100	Toho Titanium Co. Ltd.		17,502
	1,600	Toho Zinc Co. Ltd.		32,847
	4,300	Tohoku Bank Ltd. (The)		39,938
	10,000	Tokai Carbon Co. Ltd.		102,232
	1,500	Tokai Corp.		35,184
	34,000	TOKAI Holdings Corp.		335,939
	1,200	Tokai Lease Co. Ltd.		18,268
	33,100	Tokai Rika Co. Ltd.		646,736
	12,500	Tokai Tokyo Financial Holdings, Inc.		32,873
	800	Token Corp.		51,560
	484	Tokushu Tokai Paper Co. Ltd.		18,309
	3,800	Tokuyama Corp.		102,645
	2,800	Tokyo Century Corp.		130,679
	4,900	Tokyo Dome Corp.		43,378
	5,823	Tokyo Electron Device Ltd.		112,049

Shares			Value
JAPAN (continued)
	4,000	Tokyo Energy & Systems, Inc.	$	37,596
	2,800	Tokyo Keiki, Inc.		24,762
	1,700	Tokyo Kiraboshi Financial Group, Inc.		24,212
	1,100	Tokyo Ohka Kogyo Co. Ltd.		44,004
	3,700	Tokyo Rope Manufacturing Co. Ltd.		39,505
	39,931	Tokyo Sangyo Co. Ltd.		209,287
	27,700	Tokyo Seimitsu Co. Ltd.		900,333
	3,400	Tokyo Steel Manufacturing Co. Ltd.		27,549
	55,500	Tokyo Tatemono Co. Ltd.		796,088
	15,100	Tokyo Tekko Co. Ltd.		222,186
	1,000	Tokyotokeiba Co. Ltd.		31,577
	173,128	Tokyu Construction Co. Ltd.		1,385,152
	99	Tokyu REIT, Inc. REIT		190,684
	21,300	Toli Corp.		57,791
	1,400	Tomato Bank Ltd.		13,859
	1,100	Tomen Devices Corp.		26,942
	2,900	Tomoe Corp.		11,359
	3,800	Tomoe Engineering Co. Ltd.		83,045
	7,300	Tomoku Co. Ltd.		117,621
	211,400	TOMONY Holdings, Inc.		743,884
	244,290	Tomy Co. Ltd.		2,669,342
	2,300	Tonami Holdings Co. Ltd.		106,491
	4,300	Topcon Corp.		59,967
	99,400	Toppan Forms Co. Ltd.		1,001,456
	6,000	Topre Corp.		105,232
	2,500	Topy Industries Ltd.		51,486
	1,500	Torex Semiconductor Ltd.		20,196
	1,400	Toridoll Holdings Corp.		32,177
	500	Torikizoku Co. Ltd.		9,269
	3,900	Torishima Pump Manufacturing Co. Ltd.		37,451
	67,600	Tosei Corp.		858,224
	600	Toshiba Machine Co. Ltd.		13,562
	1,500	Toshiba Plant Systems & Services Corp.		29,475
	59,200	Toshiba TEC Corp.		2,154,422
	1,300	Tosho Co. Ltd.		26,689
	700	Totech Corp.		15,330
	1,100	Totetsu Kogyo Co. Ltd.		34,582
	1,300	Totoku Electric Co. Ltd.		26,352
	20,500	Towa Bank Ltd. (The)		175,595
	142,400	Towa Pharmaceutical Co. Ltd.		3,676,370
	210,200	Toyo Construction Co. Ltd.		992,703
	2,400	Toyo Denki Seizo KK		34,892
	3,800	Toyo Engineering Corp.(a)		24,421
	3,200	Toyo Ink SC Holdings Co. Ltd.		78,852
	9,900	Toyo Machinery & Metal Co. Ltd.		53,630
	16,000	Toyo Securities Co. Ltd.		25,631
	7,900	Toyo Seikan Group Holdings Ltd.		126,339
	5,800	Toyo Tanso Co. Ltd.		138,676
	13,200	Toyo Tire Corp.		185,917

Shares			Value
JAPAN (continued)
	2,000	Toyo Wharf & Warehouse Co. Ltd.	$	26,317
	17,700	Toyobo Co. Ltd.		241,103
	12,700	Toyoda Gosei Co. Ltd.		300,595
	14,500	Toyota Boshoku Corp.		215,506
	4,700	TPR Co. Ltd.		85,217
	400	Trancom Co. Ltd.		26,521
	68,700	Transcosmos, Inc.		1,735,472
	9,100	Treasure Factory Co. Ltd.		99,856
	1,900	Trusco Nakayama Corp.		46,308
	6,600	TS Tech Co. Ltd.		214,520
	1,900	Tsubaki Nakashima Co. Ltd.		32,672
	32,400	Tsubakimoto Chain Co.		1,119,104
	1,900	Tsubakimoto Kogyo Co. Ltd.		78,382
	700	Tsudakoma Corp.		8,141
	1,800	Tsugami Corp.		16,902
	32,800	Tsukada Global Holdings, Inc.		184,669
	900	Tsukishima Kikai Co. Ltd.		14,001
	11,033	Tsukuba Bank Ltd.		22,170
	7,700	Tsukui Corp.		31,944
	3,200	Tsumura & Co.		88,838
	1,200	Tsurumi Manufacturing Co. Ltd.		23,847
	7,284	UACJ Corp.		135,104
	22,480	Ube Industries Ltd.		487,528
	2,000	Uchida Yoko Co. Ltd.		78,989
	600	Ueki Corp.		14,624
	17,700	ULS Group, Inc.		482,370
	7,600	Ulvac, Inc.		336,402
	600	Umenohana Co. Ltd.(a)		14,062
	300	Uniden Holdings Corp.		5,484
	2,200	UNIMAT Retirement Community Co. Ltd.		32,005
	600	Union Tool Co.		19,280
	8,400	Unipres Corp.		138,846
	73,800	United Arrows Ltd.		2,265,460
	114,000	United Super Markets Holdings, Inc.		1,030,318
	4,800	Unitika Ltd.(a)		15,068
	1,100	Universal Entertainment Corp.		36,976
	1,100	Unizo Holdings Co. Ltd.		50,880
	4,000	Urbanet Corp. Co. Ltd.		15,150
	12,600	Ushio, Inc.		189,834
	1,100	UT Group Co. Ltd.		27,747
	8,800	Utoc Corp.		45,634
	1,300	V Technology Co. Ltd.		78,248
	5,900	Valor Holdings Co. Ltd.		101,293
	1,700	Valqua Ltd.		38,254
	24,000	ValueCommerce Co. Ltd.		371,812
	2,200	Vector, Inc.(a)		20,820
	1,200	Vision, Inc./Tokyo Japan(a)		17,713
	92,900	Vital KSK Holdings, Inc.		953,173
	54,400	VT Holdings Co. Ltd.		244,823
	1,800	Wacoal Holdings Corp.		47,738
	19,200	Wakachiku Construction Co. Ltd.		292,827

Shares			Value
JAPAN (continued)
	2,200	Warabeya Nichiyo Holdings Co. Ltd.	$	38,830
	8,400	Waseda Academy Co. Ltd.		68,762
	300	Watahan & Co. Ltd.		5,734
	28,000	WATAMI Co. Ltd.		366,886
	7,100	Watts Co. Ltd.		40,369
	2,800	Wavelock Holdings Co. Ltd.		22,947
	900	WDB Holdings Co. Ltd.		23,152
	1,400	Weathernews, Inc.		44,273
	1,400	Weds Co. Ltd.		7,714
	27,400	West Holdings Corp.		405,964
	8,700	Will Group, Inc.		80,644
	1,100	WIN-Partners Co. Ltd.		14,485
	1,500	World Co. Ltd.		34,850
	31,200	World Holdings Co. Ltd.		526,404
	1,900	Wowow, Inc.		45,886
	6,800	Xebio Holdings Co. Ltd.		76,633
	4,000	Yachiyo Industry Co. Ltd.		24,150
	6,000	Yahagi Construction Co. Ltd.		42,837
	1,000	YAKUODO Holdings Co. Ltd.		24,271
	40,200	YAMABIKO Corp.		460,109
	900	YAMADA Consulting Group Co. Ltd.		16,293
	2,800	Yamagata Bank Ltd. (The)		39,904
	73,600	Yamaguchi Financial Group, Inc.		522,745
	3,900	Yamaha Motor Robotics Holdings Co. Ltd.(a)		21,921
	3,100	YA-MAN Ltd.		20,267
	28,000	Yamanashi Chuo Bank Ltd. (The)		281,841
	2,300	Yamatane Corp.		30,180
	12,500	Yamaya Corp.		243,773
	4,800	Yamazaki Baking Co. Ltd.		82,052
	900	Yamazawa Co. Ltd.		13,810
	8,200	Yamazen Corp.		76,540
	1,200	Yaoko Co. Ltd.		56,227
	700	Yashima Denki Co. Ltd.		5,763
	1,400	Yasunaga Corp.		17,852
	51,100	Yellow Hat Ltd.		839,443
	4,600	Yokogawa Bridge Holdings Corp.		85,108
	6,200	Yokohama Reito Co. Ltd.		61,891
	20,900	Yokohama Rubber Co. Ltd. (The)		471,648
	3,500	Yokowo Co. Ltd.		101,607
	400	Yomiuri Land Co. Ltd.		17,187
	600	Yondoshi Holdings, Inc.		14,712
	9,000	Yorozu Corp.		115,844
	700	Yoshinoya Holdings Co. Ltd.		16,309
	17,000	Yossix Co. Ltd.		473,840
	3,600	Yotai Refractories Co. Ltd.		24,336
	3,700	Yuasa Trading Co. Ltd.		115,636
	1,700	Yuken Kogyo Co. Ltd.		27,092
	1,100	Yume No Machi Souzou Iinkai Co. Ltd.		10,176

Shares			Value
JAPAN (continued)
	4,700	Yumeshin Holdings Co. Ltd.	$	41,999
	56,600	Yurtec Corp.		352,210
	900	Yushiro Chemical Industry Co. Ltd.		11,901
	1,500	Zenrin Co. Ltd.		27,350
	3,500	Zensho Holdings Co. Ltd.		74,317
	20,900	Zeon Corp.		240,566
	45,600	ZERIA Pharmaceutical Co. Ltd.		865,636
	3,700	ZIGExN Co. Ltd.		19,975
	4,000	Zojirushi Corp.		61,932
	129,400	ZOZO, Inc.		3,032,794
				505,717,469
JERSEY CHANNEL ISLANDS — 0.3%
	48,718	Centamin Plc		73,236
	274,987	Novocure Ltd.(a)		19,700,069
	225	Sanne Group Plc		1,539
				19,774,844
JORDAN — 0.0%
	3,419	Hikma Pharmaceuticals Plc		89,019
LIECHTENSTEIN — 0.0%
	750	Liechtensteinische Landesbank AG		49,493
	269	VP Bank AG		41,993
				91,486
LUXEMBOURG — 0.0%
	4,299	APERAM SA		109,606
	1,967	Corestate Capital Holding SA		73,273
	455	Eurofins Scientific SE		230,489
	2,321	IVS Group SA		25,161
	10,000	L’Occitane International SA		22,537
	1,946	RTL Group SA(a)		98,882
	319	RTL Group SA		16,209
	38,208	SES SA		740,194
	2,210	Stabilus SA		124,350
	503	Sword Group		17,166
				1,457,867
MACAU — 0.0%
	16,400	MGM China Holdings Ltd.		26,078
MALAYSIA — 0.1%
	75,100	Aeon Co. (M) Berhad		29,835
	9,450	AEON Credit Service M Berhad		34,602
	300,306	Affin Bank Berhad		139,427
	189,600	AirAsia Group Berhad		86,667
	78,500	Alliance Bank Malaysia Berhad		54,106
	156,300	AMMB Holdings Berhad		149,249
	20,100	Amway Malaysia Holdings Berhad		27,756
	27,700	Ann Joo Resources Berhad		7,425
	28,900	APM Automotive Holdings Berhad		14,109
	33,000	Astro Malaysia Holdings Berhad		10,662

Shares			Value
MALAYSIA (continued)
	32,700	Batu Kawan Berhad	$	122,082
	23,600	Berjaya Sports Toto Berhad		14,967
	45,700	Bermaz Auto Berhad		24,936
	64,200	BIMB Holdings Berhad		65,299
	250,707	Boustead Holdings Berhad		59,999
	83,160	Boustead Plantation Berhad		12,041
	3,100	British American Tobacco Malaysia Berhad		13,962
	234,600	Bumi Armada Berhad(a)		25,265
	19,850	Bursa Malaysia Berhad		28,741
	25,500	Cahya Mata Sarawak Berhad		14,768
	9,100	Carlsberg Brewery-Malaysia Berhad		60,413
	65,900	Dayang Enterprise Holdings Berhad(a)		30,754
	83,300	DRB-Hicom Berhad		50,437
	2,300	Dutch Lady Milk Industries Berhad		31,969
	184,797	Eastern & Oriental Berhad		28,747
	127,900	Eco World Development Group Berhad(a)		19,896
	173,400	Felda Global Ventures Holdings Berhad(a)		45,648
	5,200	Fraser & Neave Holdings Berhad		43,034
	84,500	Gamuda Berhad		75,632
	4,200	Genting Plantations Berhad		9,991
	54,366	Globetronics Technology Berhad		26,933
	93,500	Hap Seng Plantations Holdings Berhad		32,670
	18,600	Hartalega Holdings Berhad		23,414
	14,200	Heineken Malaysia Berhad		86,862
	22,300	Hengyuan Refining Co Berhad(a)		22,842
	126,300	Hiap Teck Venture Berhad		6,045
	24,700	Hong Leong Industries Berhad		63,841
	27,798	IGB Berhad		18,228
	131,780	IJM Corp. Berhad		67,806
	36,700	IJM Plantations Berhad		13,394
	139,031	Inari Amertron Berhad		65,548
	131,300	IOI Properties Group Berhad		32,680
	94,700	Iskandar Waterfront City Berhad(a)		19,604
	71,600	JAKS Resources Berhad(a)		18,163
	37,100	Kerjaya Prospek Group Berhad		11,809
	34,300	Kossan Rubber Industries		34,066
	125,600	KPJ Healthcare Berhad		27,654
	142,174	KSL Holdings Berhad(a)		26,199
	155,800	Landmarks Berhad(a)		17,524
	53,360	LBS Bina Group Berhad		6,321
	42,600	Lingkaran Trans Kota Holdings Berhad		46,999
	12,000	Lotte Chemical Titan Holding Bhd		7,122
	16,920	LPI Capital Berhad		61,873
	32,273	Lynas Corp. Ltd.(a)		55,174

Shares			Value
MALAYSIA (continued)
	42,400	Magni-Tech Industries Berhad	$	25,774
	25,900	Magnum Berhad		17,356
	157,873	Mah Sing Group Berhad		28,714
	48,523	Malaysia Airports Holdings Berhad		91,971
	208,427	Malaysia Building Society Berhad		43,646
	7,400	Malaysian Pacific Industries Berhad		18,949
	123,500	Malaysian Resources Corp. Berhad		21,871
	71,500	Matrix Concepts Holdings Berhad		32,341
	36,900	Mega First Corp. Berhad		39,033
	149,600	MMC Corp. Berhad		36,160
	63,200	Muhibbah Engineering M Berhad		36,149
	72,300	My EG Services Berhad		19,725
	33,800	Padini Holdings Berhad		29,687
	2,600	Panasonic Manufacturing Malaysia Berhad		23,446
	63,420	Paramount Corp. Berhad		19,124
	11,000	Petron Malaysia Refining & Marketing Berhad		13,321
	19,780	QL Resources Berhad		34,462
	493,500	Sapura Energy Berhad		31,298
	64,857	Sarawak Oil Palms Berhad		36,476
	16,600	Scientex Berhad		36,549
	26,900	Serba Dinamik Holdings Berhad		26,845
	42,000	Shangri-La Hotels (Malaysia) Berhad		50,257
	111,600	Sime Darby Berhad		60,628
	77,800	Sime Darby Property Berhad		13,499
	30,400	SKP Resources Berhad		9,094
	76,530	Sunway Berhad		31,136
	67,866	Sunway Construction Group Berhad		31,671
	51,000	Supermax Corp. Berhad		17,942
	35,000	Syarikat Takaful Malaysia Keluarga Berhad		52,686
	22,700	Ta Ann Holdings Berhad		12,984
	269,700	TA Enterprise Berhad		39,372
	195,360	TA Global Berhad		10,987
	66,900	Tan Chong Motor Holdings Berhad		21,454
	36,900	Telekom Malaysia Berhad		33,204
	18,360	TIME dotCom Berhad		40,117
	39,740	Top Glove Corp. Berhad		41,371
	43,600	TSH Resources Berhad		9,391
	14,700	Uchi Technologies Berhad		9,710
	19,600	UEM Edgenta Berhad		14,963
	18,900	UMW Holdings Berhad		20,038
	23,700	United Malacca Berhad		28,927
	20,800	United Plantations Berhad		124,148
	207,100	UOA Development Berhad		99,126
	6,200	ViTrox Corp. Bhd		11,470

Shares			Value
MALAYSIA (continued)
	78,875	VS Industry Berhad	$	26,427
	55,000	Wah Seong Corp. Berhad(a)		14,611
	42,100	Westports Holdings Berhad		43,123
	38,200	Yinson Holdings Berhad		63,171
	43,272	YNH Property Berhad(a)		26,718
	312,726	YTL Corp. Berhad		65,112
				3,811,424
MALTA — 0.0%
	14,841	Kindred Group Plc - SDR		107,530
MEXICO — 0.1%
	10,989	ALEATICA SAB de CV		11,425
	351,126	Alfa SAB de CV - Series A		305,557
	50,138	Alpek SAB de CV		54,187
	15,767	Alsea SAB de CV(a)		41,966
	132,449	Axtel SAB de CV - CPO Units(a)		19,899
	46,358	Banco del Bajio SA		74,900
	14,700	Becle SAB de CV		25,317
	14,637	Bolsa Mexicana de Valores SAB de CV		32,041
	582,001	Cemex SAB de CV - CPO - Units		218,744
	82,556	Consorcio ARA SAB de CV - Series B		15,493
	20,365	Controladora Vuela Cia de Aviacion SAB de CV - Class A(a)		22,041
	15,500	Corp Inmobiliaria Vesta SAB de CV		26,099
	25,361	Corp. Actinver SAB de CV		15,326
	47,638	Corp. Interamericana de Entretenimiento SAB de CV - Series B(a)		36,032
	24,022	Corp. Moctezuma SAB de CV		70,562
	1,260	Corporativo Fragua SAB de CV		15,065
	35,363	Credito Real SAB de CV SOFOM ER		43,789
	42,295	Fibra Uno Administracion SA de CV REIT		64,290
	15,240	Fresnillo Plc		140,162
	39,113	Genomma Lab Internacional SAB de CV - Class B(a)		41,377
	25,002	Gentera SAB de CV		24,695
	5,782	Gruma SAB de CV - Series B		60,503
	30,292	Grupo Aeromexico SAB de CV(a)		23,479
	11,618	Grupo Aeroportuario del Centro Norte SAB de CV		80,622
	13,171	Grupo Aeroportuario del Pacifico SAB de CV - Series B		138,054
	5,517	Grupo Aeroportuario del Sureste SAB de CV - Series B		90,342
	51,513	Grupo Cementos de Chihuahua SAB de CV		286,828

Shares			Value
MEXICO (continued)
	23,503	Grupo Comercial Chedraui SA de CV	$	32,903
	45,428	Grupo Famsa SAB de CV - Class A(a)		12,775
	22,346	Grupo Herdez SAB de CV - Series A		45,525
	6,880	Grupo Industrial Saltillo SAB de CV		8,577
	17,079	Grupo KUO SAB De CV - Series B		44,170
	9,061	Grupo Rotoplas SAB de CV		8,483
	19,200	Grupo Sanborns SAB de CV		22,956
	8,920	Grupo Simec SAB de CV - Series B(a)		28,054
	37,388	Hoteles City Express SAB de CV(a)		32,167
	256,075	Impulsora del Desarrollo y el Empleo en America Latina SAB de CV(a)		287,671
	5,874	Industrias Bachoco SAB de CV - Series B		26,407
	131,489	Industrias CH SAB de CV - Series B(a)		567,064
	8,343	Industrias Penoles SAB de CV		99,362
	45,760	Kimberly-Clark de Mexico SAB de CV - Class A		91,941
	36,269	La Comer SAB de CV(a)		49,040
	19,599	Macquarie Mexico Real Estate Management SA de CV REIT		27,814
	90	Medica Sur SAB de CV - Series B		101
	29,272	Megacable Holdings SAB de CV - CPO Shares		120,168
	118,273	Nemak SAB de CV		50,417
	81,014	Orbia Advance Corp. SAB de CV		175,366
	11,623	Organizacion Cultiba SAB de CV		7,090
	84,289	Organizacion Soriana SAB de CV - Series B		108,491
	8,733	Promotora y Operadora de Infraestructura SAB de CV		80,731
	1,100	Promotora y Operadora de Infraestructura SAB de CV - Series L		7,091
	8,043	Qualitas Controladora SAB de CV - Class I		34,783
	49,541	Regional SAB de CV		263,769
	21,201	Telesites SAB de CV(a)		13,766
	11,663	Unifin Financiera SAB de CV		19,826
				4,245,303
MONACO — 0.0%
	1,900	Endeavour Mining Corp.(a)		34,405
MONGOLIA — 0.0%
	71,450	Mongolian Mining Corp.(a)		6,656

Shares			Value
NETHERLANDS — 0.6%
	4,578	Aalberts NV	$	184,117
	22,187	Accell Group NV		550,580
	106,961	Aegon NV		462,382
	10,937	Altice Europe NV(a)		62,454
	483	AMG Advanced Metallurgical Group NV		11,857
	4,302	Amsterdam Commodities NV		92,698
	6,735	Arcadis NV		132,954
	130,048	ASM International NV		13,062,527
	334,870	ASR Nederland NV		12,253,892
	1,337	Basic-Fit NV(a)		40,858
	30,610	BE Semiconductor Industries NV		1,131,036
	7,881	Boskalis Westminster		172,981
	0	Brack Capital Properties NV(a)		21
	1,066	Brunel International NV		9,844
	7,289	Corbion NV		210,552
	2,476	Euronext NV		199,517
	4,336	ForFarmers NV		26,259
	4,320	GrandVision NV		132,016
	157,294	Heijmans NV - CVA(a)		1,271,867
	1,636	Hunter Douglas NV		104,734
	1,555	IMCD Group NV		121,227
	7,159	Intertrust NV		136,055
	2,222	Kendrion NV		47,135
	73,053	Koninklijke Volkerwessels NV		1,694,701
	4,105	Koninklijke Vopak NV		225,207
	392	Lucas Bols NV		6,230
	2,218	Nederland Apparatenfabriek		118,987
	3,778	NSI NV REIT		172,547
	3,894	OCI NV(a)		87,337
	24,070	Ordina NV		49,019
	14,229	PostNL NV		32,660
	4,544	QIAGEN NV(a)		136,378
	7,622	Randstad NV		421,980
	10,338	SBM Offshore NV		177,734
	455	Shop Apotheke Europe NV(a)		19,842
	13,317	Signify NV		389,728
	5,632	Sligro Food Group NV		143,215
	86,230	SNS REAAL NV(a),(b)		0
	3,279	TKH Group NV		167,713
	133,800	TomTom NV		1,511,671
	4,487	Van Lanschot Kempen NV		103,340
	10,541	Vastned Retail NV REIT		316,246
	765,391	VEON Ltd. - ADR		1,836,938
				38,029,036
NEW ZEALAND — 0.3%
	218,861	Air New Zealand Ltd.		396,411
	6,753	CBL Corp. Ltd.(a),(b)		2,574
	86,835	Chorus Ltd.		295,351
	6,578	Contact Energy Ltd.		31,125
	15,914	EBOS Group Ltd.		251,510
	43,171	Fletcher Building Ltd.		126,769
	6,739	Freightways Ltd.		33,269
	5,539	Genesis Energy Ltd.		11,648

Shares			Value
NEW ZEALAND (continued)
	3,881	Hallenstein Glasson Holdings Ltd.	$	15,378
	16,288	Heartland Group Holdings Ltd.		17,127
	20,946	Infratil Ltd.		66,207
	61,542	Kathmandu Holdings Ltd.		123,897
	37,989	Kiwi Property Group Ltd.		38,727
	12,351	Mainfreight Ltd.		318,337
	13,684	Metlifecare Ltd.		42,288
	274,611	New Zealand Refining Co. Ltd. (The)		360,936
	56,805	NZME Ltd.		14,489
	78,891	NZX Ltd.		65,249
	7,349	PGG Wrightson Ltd.		11,591
	205,771	Port of Tauranga Ltd.		882,611
	1,119	Restaurant Brands New Zealand Ltd.(a)		8,552
	15,128	Sanford Ltd.		68,865
	63,055	Skellerup Holdings Ltd.		92,984
	115,434	SKYCITY Entertainment Group Ltd.		289,381
	209,847	Stride Property Group		310,795
	31,804	Summerset Group Holdings Ltd.		134,173
	835	Synlait Milk Ltd.(a)		5,032
	4,776	Tourism Holdings, Ltd.		10,871
	21,108	Trustpower Ltd.		114,222
	296,438	Xero Ltd.(a)		14,098,093
	1,015,419	Z Energy Ltd.		3,489,547
				21,728,009
NORWAY — 0.2%
	2,298	AF Gruppen ASA		44,230
	16,316	Akastor ASA(a)		18,452
	11,928	American Shipping Co. ASA		46,565
	5,464	Atea ASA		69,042
	161,979	Austevoll Seafood ASA		1,633,678
	9,647	Avance Gas Holding Ltd.(a)		43,954
	5,467	Axactor SE(a)		10,582
	123,380	B2Holding ASA		109,143
	7,044	Bonheur ASA		139,024
	15,816	Borregaard ASA		152,121
	21,532	BW Offshore Ltd.(a)		163,899
	2,914	Data Respons ASA		11,566
	737,209	DNO ASA		890,232
	2,877	Entra ASA		43,048
	12,338	Europris ASA		33,461
	11,761	Frontline Ltd.(a)		123,414
	5,496	Grieg Seafood ASA		67,294
	7,112	Hexagon Composites ASA(a)		24,052
	8,291	Hoegh LNG Holdings Ltd.		32,006
	8,021	Itera ASA		8,024
	26,287	Kongsberg Gruppen ASA		388,181
	27,615	Kvaerner ASA		35,014
	1,742	Medistim ASA		29,361
	16,871	NEL ASA(a)		14,567
	3,874	Nordic Semiconductor ASA(a)		22,053

Shares			Value
NORWAY (continued)
	84,375	Norwegian Finans Holding ASA(a)	$	814,743
	46,133	Norwegian Property ASA		66,219
	7,346	Ocean Yield ASA		41,059
	15,636	Odfjell Drilling Ltd.(a)		45,227
	8,670	Odfjell SE - Class A(a)		27,247
	15,813	Olav Thon Eiendomsselskap ASA		251,050
	8,549	Otello Corp. ASA(a)		14,316
	49,298	Petroleum Geo-Services ASA(a)		83,091
	2,131	Protector Forsikring ASA(a)		10,752
	49,441	Salmar ASA		2,303,732
	6,036	Sbanken ASA		42,860
	5,320	Scatec Solar ASA		59,065
	6,581	Selvaag Bolig ASA		36,282
	5,643	SpareBank 1 BV		22,950
	17,310	Sparebank 1 Oestlandet		167,526
	226,120	SpareBank 1 SR-Bank ASA		2,409,678
	201	Sparebanken More		6,885
	21,350	Storebrand ASA		150,906
	10,448	TGS Nopec Geophysical Co. ASA		270,625
	5,713	Veidekke ASA		61,969
				11,039,145
PERU — 0.1%
	293,300	Cia de Minas Buenaventura SAA - ADR		4,499,222
	18,863	Hochschild Mining Plc		48,917
				4,548,139
PHILIPPINES — 0.0%
	390,200	Alliance Global Group, Inc.		88,275
	4,047	Altus San Nicolas Corp.(a),(b)		413
	150,400	Bloomberry Resorts Corp.		29,609
	27,890	Cebu Air, Inc.		50,757
	133,952	China Banking Corp.		66,521
	225,500	Cosco Capital, Inc.		30,662
	64,000	D&L Industries, Inc.		10,758
	246,300	DMCI Holdings, Inc.		39,849
	148,350	East West Banking Corp.(a)		36,777
	165,200	Emperador, Inc.(a)		22,788
	44,200	Filinvest Development Corp.		11,515
	2,062,375	Filinvest Land, Inc.		65,027
	43,720	First Philippine Holdings Corp.		67,977
	17,735	Globe Telecom, Inc.		637,474
	1,869	GT Capital Holdings, Inc.		32,927
	63,226	Integrated Micro-Electronics, Inc.		9,856
	24,290	International Container Terminal Services, Inc.		56,818
	2,770	Jollibee Foods Corp.		12,664
	657,700	Lopez Holdings Corp.		55,861
	86,600	LT Group, Inc.		22,766
	11,600	Manila Water Co., Inc.		4,535
	33,500	Megawide Construction Corp.(a)		11,685

Shares			Value
PHILIPPINES (continued)
	1,018,696	Megaworld Corp.	$	96,961
	352,300	Metro Pacific Investments Corp.		33,324
	47,934	Metropolitan Bank & Trust Co.		63,855
	139,200	Petron Corp.		13,743
	152,000	Philex Mining Corp.(a)		10,574
	49,100	Phoenix Petroleum Philippines, Inc.		10,643
	19,870	Pilipinas Shell Petroleum Corp.		13,313
	710	PLDT, Inc.		15,391
	38,600	Puregold Price Club, Inc.		31,073
	104,253	Rizal Commercial Banking Corp.		52,799
	210,207	Robinsons Land Corp.		105,425
	15,190	Robinsons Retail Holdings, Inc.		22,705
	13,571	Security Bank Corp.		53,273
	83,440	Semirara Mining & Power Corp.		38,394
	6	Top Frontier Investment Holdings, Inc.(a)		27
	161,290	Union Bank of Philippines, Inc.		191,183
	583,900	Vista Land & Lifescapes, Inc.		88,485
				2,206,682
POLAND — 0.2%
	817	Amica SA		24,976
	348	Apator SA		1,931
	6,063	Asseco Poland SA		81,408
	552	Bank Handlowy w Warszawie SA		7,368
	29,732	Bank Millennium SA(a)		47,820
	965	Budimex SA		33,340
	885	CD Projekt SA		58,395
	2,430	Ciech SA(a)		20,607
	14,875	Cyfrowy Polsat SA		107,845
	1,360	Dino Polska SA(a)		53,038
	28,255	Enea SA(a)		62,454
	770,847	Energa SA(a)		1,240,812
	4,391	Eurocash SA		25,192
	7,502	Famur SA		7,108
	119	Grupa Azoty Zaklady Chemiczne Police SA(a)		417
	1,643	Grupa Kety SA		132,020
	9,826	Grupa Lotos SA		245,351
	1,298	Inter Cars SA		66,078
	187,623	KGHM Polska Miedz SA(a)		4,107,361
	21,659	LC Corp. SA		13,889
	32	LPP SA		68,303
	1,552	Lubelski Wegiel Bogdanka SA		14,705
	506	mBank SA(a)		50,565
	23,981	Netia SA(a)		28,873
	151	Neuca SA		14,228
	17,977	Orange Polska SA(a)		29,408
	943,371	PGE Polska Grupa Energetyczna SA(a)		2,022,224
	1,888	PKP Cargo SA		11,860
	4,554	Polnord SA(a)		3,612

Shares			Value
POLAND (continued)
	1,383,131	Polskie Gornictwo Naftowe i Gazownictwo SA	$	1,702,917
	2,678,235	Tauron Polska Energia SA(a)		1,158,735
	1,885	Warsaw Stock Exchange		19,044
				11,461,884
PORTUGAL — 0.1%
	278,815	Altri SGPS SA		1,699,409
	518,059	Banco Comercial Portugues SA		117,292
	1,231,589	Banco Espirito Santo SA(a),(b)		0
	10,031	Jeronimo Martins SGPS SA		168,317
	16,422	Mota-Engil SGPS SA		36,356
	18,766	Navigator Co. SA (The)		67,645
	530,950	NOS SGPS SA		3,153,297
	20,026	REN - Redes Energeticas Nacionais SGPS SA		59,411
	6,215	Semapa - Sociedade de Investimento e Gestao		85,397
	595,964	Sonae SGPS SA		600,537
				5,987,661
PUERTO RICO — 0.1%
	140,700	EVERTEC, Inc.		4,304,013
QATAR — 0.1%
	2,655,170	Barwa Real Estate Co.		2,494,008
	1,830,746	Doha Bank QPSC		1,277,148
				3,771,156
ROMANIA — 0.0%
	3,908	NEPI Rockcastle Plc		34,010
RUSSIA — 0.6%
	8,467	Etalon Group Plc		15,071
	700,030,774	Federal Grid Co. Unified Energy System PJSC		2,014,202
	3,038,052	Gazprom PJSC		12,318,508
	1,373,778	Gazprom PJSC - ADR		10,995,719
	4,316	Globaltrans Investment Plc		36,902
	9,718	Highland Gold Mining Ltd.		25,579
	66,570	Magnit PJSC		3,355,363
	14,884	Magnitogorsk Iron & Steel Works PJSC		108,802
	2,324	Mail.Ru Group Ltd.(a)		49,362
	3,185	Novolipetsk Steel PJSC		62,299
	461,351	Petropavlovsk Plc(a)		60,120
	1,292	Ros Agro Plc		13,799
	116,079,399	ROSSETI PJSC		2,160,564
	311,212,468	RusHydro PJSC		2,474,266
	17,144	RusHydro PJSC - ADR		13,201
	5,614	TMK PJSC		18,133
	2,973,081,703	VTB Bank PJSC		1,997,896
	156,700	Yandex NV - Class A(a)		5,232,213
				40,951,999
SAUDI ARABIA — 0.0%
	963,836	Dar Al Arkan Real Estate Development Co.(a)		3,094,309

Shares			Value
SINGAPORE — 0.3%
	813,800	Accordia Golf Trust - Units	$	343,956
	79,900	Ascendas India Trust - Units		95,731
	1,837,930	Asian Pay Television Trust - Units		225,612
	35,000	Banyan Tree Holdings, Ltd.		11,448
	21,700	Best World International Ltd.(b)		16,126
	6,500	BOC Aviation Ltd.		61,135
	7,400	Bonvests Holdings Ltd.		6,364
	25,598	Boustead Projects Ltd.		17,781
	63,529	Boustead Singapore Ltd.		36,424
	23,600	Bukit Sembawang Estates Ltd.		84,307
	9,090	BW LPG Ltd.		63,607
	292,900	Cache Logistics Trust, REIT		156,090
	458,500	China Aviation Oil Singapore Corp. Ltd.		411,165
	1,030,000	China Sunsine Chemical Holdings Ltd.		863,097
	90,000	Chip Eng Seng Corp. Ltd.		40,685
	69,300	CITIC Envirotech Ltd.		17,574
	14,700	City Developments Ltd.		116,589
	25,100	ComfortDelGro Corp. Ltd.		42,434
	1,608,200	CSE Global Ltd.		620,607
	88,000	CW Group Holdings Ltd.(a),(b)		486
	41,300	Delfi Ltd.		30,206
	254,800	EC World Real Estate Investment Trust Unit, REIT		136,722
	584,900	Ezion Holdings Ltd.(a),(b)		6,922
	316,200	Far East Hospitality Trust		169,669
	130,121	Far East Orchard Ltd.		111,905
	24,400	First Resources Ltd.		27,441
	164,000	Fragrance Group Ltd.		15,189
	360,800	Frasers Logistics & Industrial Trust, REIT		334,160
	121,000	Frasers Property Ltd.		163,652
	646,400	Frencken Group Ltd.		327,844
	122,600	GL Ltd.		71,193
	338,800	Golden Agri-Resources Ltd.		51,052
	58,000	GP Industries Ltd.		24,834
	64,166	GuocoLand Ltd.		94,802
	89,200	Halcyon Agri Corp. Ltd.(a)		29,833
	32,000	Hiap Hoe Ltd.		17,994
	933,800	Hi-P International Ltd.		988,402
	52,734	Ho Bee Land Ltd.		90,703
	392,640	Hong Fok Corp. Ltd.		235,217
	232,800	Hong Leong Asia Ltd.(a)		106,950
	14,700	Hong Leong Finance Ltd.		28,418
	9,000	Hour Glass Ltd. (The)		5,325
	76,000	Hyflux Ltd.(a)		1,520
	26,000	IGG, Inc.		17,022
	129,600	Indofood Agri Resources Ltd.		30,484
	47,400	Japfa Ltd.		17,072
	92,950	Jurong Technologies Industrial Corp. Ltd.(a),(b)		0
	90,757	Keppel Infrastructure Trust - Units		35,690
	173,400	Koufu Group Ltd.		94,319

Shares			Value
SINGAPORE (continued)
	135,400	Lian Beng Group Ltd.	$	50,261
	42,000	Low Keng Huat Singapore Ltd.		12,812
	75,000	Lum Chang Holdings Ltd.		19,571
	879,300	Mapletree Commercial Trust, REIT		1,505,950
	400,600	Midas Holdings Ltd.(a),(b)		10,601
	147,400	Olam International Ltd.		198,274
	68,690	OM Holdings Ltd.		23,202
	28,200	OUE Ltd.		30,056
	212,492	Oxley Holdings Ltd.		53,105
	102,200	Parkway Life Real Estate Investment Trust, REIT		245,650
	139,500	Penguin International Ltd.		68,189
	84,970	QAF Ltd.		46,531
	39,618	Raffles Medical Group Ltd.		29,412
	304,400	RHT Health Trust - Units		4,251
	239,250	Roxy-Pacific Holdings Ltd.		66,827
	57,281	Sasseur Real Estate Investment Trust, REIT		33,473
	19,500	SATS Ltd.		72,384
	72,800	Sembcorp Industries Ltd.		122,542
	160,395	Sheng Siong Group Ltd.		137,941
	689,100	Silverlake Axis Ltd.		230,468
	527,100	Sinarmas Land Ltd.		87,175
	503,200	Singapore Airlines Ltd.		3,480,548
	8,100	Singapore Exchange Ltd.		53,228
	54,300	Singapore Medical Group Ltd.(a)		12,772
	47,900	Singapore Post Ltd.		33,801
	174,000	Singapore Reinsurance Corp. Ltd.		36,451
	440,400	Stamford Land Corp. Ltd.		158,621
	24,100	StarHub Ltd.		23,029
	64,800	Sunningdale Tech Ltd.		57,158
	310,298	Tuan Sing Holdings Ltd.		76,408
	220,554	United Engineers Ltd.		429,614
	278,492	United Industrial Corp. Ltd.		593,647
	171,068	UOB-Kay Hian Holdings Ltd.		153,407
	54,311	UOL Group Ltd.		311,387
	62,800	Venture Corp. Ltd.		730,732
	15,900	Wing Tai Holdings Ltd.		23,725
	26,250	Xinghua Port Holdings Ltd.		3,551
	446	XP Power Ltd.		15,194
	1,038,800	Yanlord Land Group Ltd.		923,921
				16,661,627
SOUTH AFRICA — 0.6%
	3,451	Adcock Ingram Holdings Ltd.		12,844
	39,276	Advtech Ltd.		29,242
	16,012	AECI Ltd.		103,476
	9,268	African Oxygen Ltd.		12,880
	13,666	African Rainbow Minerals Ltd.		136,746
	10,747	Afrimat Ltd.		22,709
	97,498	Alexander Forbes Group Holdings Ltd.		33,359

Shares			Value
SOUTH AFRICA (continued)
	12,771	Allied Electronics Corp. Ltd. - A Shares	$	21,400
	38,527	Alviva Holdings Ltd.		36,843
	168,783	Anglo American Platinum Ltd.		12,596,090
	53,538	AngloGold Ashanti Ltd.		1,170,605
	83,136	ArcelorMittal South Africa Ltd.(a)		9,683
	2,348	Aspen Pharmacare Holdings Ltd.(a)		16,394
	1,860	Assore Ltd.		31,258
	4,437	Astral Foods Ltd.		47,361
	18,910	AVI Ltd.		108,400
	36,123	Barloworld Ltd.		288,353
	14,066	Bidvest Group Ltd. (The)		191,816
	1,314	Cashbuild Ltd.		19,131
	2,973	City Lodge Hotels Ltd.		15,722
	11,801	Clicks Group Ltd.		191,949
	7,676	Coronation Fund Managers Ltd.		21,625
	21,103	DataTec Ltd.		50,151
	3,467	Distell Group Holdings Ltd.		30,782
	4,981	EOH Holdings Ltd.(a)		5,123
	7,810	Equites Property Fund Ltd. REIT		10,875
	15,471	Exxaro Resources Ltd.		126,252
	3,858	Famous Brands Ltd.		20,119
	6,653	Foschini Group Ltd. (The)		76,610
	168,854	Gold Fields Ltd.		1,038,569
	43,149	Growthpoint Properties Ltd. REIT		63,137
	34,961	Harmony Gold Mining Co. Ltd.(a)		120,983
	6,699	Hudaco Industries Ltd.		48,448
	6,285	Hyprop Investments Ltd. REIT		24,540
	1,144,043	Impala Platinum Holdings Ltd.(a)		7,862,669
	12,929	Imperial Logistics Ltd.		48,514
	20,593	Investec Plc		116,731
	23,797	Italtile Ltd.		22,048
	1,926	JSE Ltd.		16,570
	143,714	KAP Industrial Holdings Ltd.		44,226
	5,751	Lewis Group Ltd.		10,695
	13,066	Liberty Holdings Ltd.		100,625
	126,345	Life Healthcare Group Holdings Ltd.		199,503
	37,440	Long4Life Ltd.(a)		10,431
	5,279	Massmart Holdings Ltd.		14,988
	11,631	Mediclinic International Plc		55,143
	355,109	Merafe Resources Ltd.		21,151
	22,537	Metair Investments Ltd.		36,616
	111,479	Momentum Metropolitan Holdings		149,027
	17,720	Motus Holdings Ltd.		84,059
	16,444	Mpact Ltd.		16,868
	9,464	Mr Price Group Ltd.		100,086
	20,984	MultiChoice Group Ltd.(a)		175,018
	171,949	Murray & Roberts Holdings Ltd.		127,564
	60,253	Nampak Ltd.(a)		32,020

Shares			Value
SOUTH AFRICA (continued)
	13,803	Northam Platinum Ltd.(a)	$	93,174
	6,814	Oceana Group Ltd.		30,209
	24,031	Peregrine Holdings Ltd.		29,581
	16,287	Pick’n Pay Stores Ltd.		71,247
	5,508	Pioneer Foods Group Ltd.		39,262
	5,246	PSG Group Ltd.		81,986
	16,317	PSG Konsult Ltd.		9,611
	12,027	Raubex Group Ltd.		15,545
	88,504	Redefine Properties Ltd. REIT		44,163
	3,765	Resilient REIT Ltd. REIT		16,774
	8,400	Reunert Ltd.		39,714
	7,777	Royal Bafokeng Platinum Ltd.(a)		22,641
	2,487	Santam Ltd.		46,480
	679,760	Sappi Ltd.		1,745,454
	8,496	Shoprite Holdings Ltd.		76,135
	3,684,870	Sibanye Gold Ltd.(a)		7,108,564
	8,610	SPAR Group Ltd. (The)		115,687
	9,522	Sun International Ltd.(a)		25,729
	81,592	Super Group Ltd.(a)		152,487
	35,534	Telkom SA SOC Ltd.		162,590
	5,002	Tiger Brands Ltd.		71,042
	3,369	Tongaat Hulett Ltd.(a),(b)		2,209
	24,737	Transaction Capital Ltd.		36,097
	14,987	Trencor Ltd.(a)		29,755
	17,772	Truworths International Ltd.		63,006
	22,055	Tsogo Sun Gaming Ltd.		18,143
	2,815	Wilson Bayly Holmes-Ovcon Ltd.		26,301
	50,049	Woolworths Holdings Ltd.		190,418
				36,342,031
SOUTH KOREA — 1.1%
	1,493	Able C&C Co. Ltd.(a)		15,271
	3,445	Aekyung Petrochemical Co. Ltd.		22,533
	781	AfreecaTV Co. Ltd.		49,608
	1,836	AJ Networks Co. Ltd.		6,549
	3,147	AJ Rent A Car Co. Ltd.(a)		29,889
	706	AK Holdings, Inc.		18,993
	4,880	ALUKO Co. Ltd.		9,731
	1,630	Amotech Co. Ltd.(a)		33,134
	230	Asia Cement Co. Ltd.		16,566
	230	ASIA Holdings Co. Ltd.		22,240
	962	Asia Paper Manufacturing Co. Ltd.		24,144
	16,835	Asiana Airlines, Inc.(a)		77,125
	2,350	Autech Corp.		24,137
	2,934	Baiksan Co. Ltd.		17,981
	140	BGF retail Co. Ltd.		21,419
	1,524	BH Co. Ltd.(a)		29,931
	295	Binggrae Co. Ltd.		13,946
	32,432	BNK Financial Group, Inc.		193,736
	1,549	Bookook Securities Co. Ltd.		28,891
	6,025	Boryung Pharmaceutical Co. Ltd.		69,652

Shares			Value
SOUTH KOREA (continued)
	4,103	Capro Corp.	$	11,955
	501	Cell Biotech Co. Ltd.		8,375
	3,758	Cheil Worldwide, Inc.		79,944
	396	Chong Kun Dang Pharmaceutical Corp.		32,573
	409	Chongkundang Holdings Corp.		31,955
	977	CJ CheilJedang Corp.		191,881
	907	CJ Corp.		64,237
	1,136	CJ ENM Co. Ltd.		161,107
	804	CJ Freshway Corp.		17,553
	3,726	CJ Hello Co. Ltd.		19,568
	333	CJ Logistics Corp.(a)		45,079
	622	CKD Bio Corp.		16,573
	400	Com2uSCorp.		33,796
	251	Cosmax, Inc.		17,237
	1,415	CosmoAM&T Co. Ltd.(a)		9,645
	426	COSON Co. Ltd.(a)		2,548
	637	Crown Confectionery Co. Ltd.		4,539
	1,379	Crown Haitai Holdings Co. Ltd.		12,208
	1,323	Cymechs, Inc./Korea		12,054
	4,684	D.I Corp.		12,299
	4,227	Dae Dong Industrial Co. Ltd.		22,053
	1,110	Dae Hwa Pharmaceutical Co. Ltd.		13,023
	14,862	Dae Won Kang Up Co. Ltd.		45,667
	12,386	Daea TI Co. Ltd.		60,043
	7,258	Dae-Il Corp.		14,567
	3,396	Daelim Industrial Co. Ltd.		265,620
	2,871	Daesang Corp.		52,931
	4,103	Daesang Holdings Co. Ltd.		23,416
	2,247	Daesung Industrial Co. Ltd.(a)		7,098
	1,178	Daewon Pharmaceutical Co. Ltd.		15,846
	358,758	Daewoo Engineering & Construction Co. Ltd.(a)		1,342,895
	2,186	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		52,891
	7,695	Daewoong Co. Ltd.		94,249
	183	Daewoong Pharmaceutical Co. Ltd.		23,987
	639	Daihan Pharmaceutical Co. Ltd.		17,301
	5,223	Daishin Securities Co. Ltd.		55,891
	5,636	Danal Co. Ltd.(a)		16,713
	594	Danawa Co. Ltd.		12,508
	1,525	Dawonsys Co. Ltd.		19,530
	6,854	DB Financial Investment Co. Ltd.		24,919
	6,210	DB HiTek Co. Ltd.		90,739
	6,034	DB Insurance Co. Ltd.		261,908
	375	Dentium Co. Ltd.		19,210
	5,479	Deutsch Motors, Inc.(a)		38,051
	22,349	DGB Financial Group, Inc.		135,041
	305	DI Dong Il Corp.		18,901
	887	DIO Corp.(a)		32,020
	1,833	DMS Co. Ltd.		8,775
	215	Dong-A ST Co. Ltd.		18,757

Shares			Value
SOUTH KOREA (continued)
	1,950	Dong-Ah Geological Engineering Co. Ltd.	$	33,689
	3,239	Dongjin Semichem Co. Ltd.		46,492
	665	DongKook Pharmaceutical Co. Ltd.		39,725
	10,327	Dongkuk Steel Mill Co. Ltd.(a)		52,192
	927	Dongsuh Cos., Inc.		13,943
	54	Dongwon F&B Co. Ltd.		10,629
	264	Dongwon Industries Co. Ltd.		48,559
	3,000	Doosan Bobcat, Inc.		81,224
	739	Doosan Co Ltd.		49,417
	2,472	Doosan Fuel Cell Co. Ltd.(a)		16,403
	9,487	Doosan Heavy Industries & Construction Co. Ltd.(a)		50,067
	354,416	Doosan Infracore Co. Ltd.(a)		1,721,131
	1,362	Doosan Solus Co. Ltd.(a)		20,838
	781	DoubleUGames Co. Ltd.		32,221
	1,169	Douzone Bizon Co. Ltd.		73,750
	2,732	DRB Holding Co. Ltd.		12,821
	412	DTR Automotive Corp.		10,624
	4,090	DY Corp.		16,839
	2,154	DY POWER Corp.		17,477
	174	e Tec E&C Ltd.		10,334
	153	E1 Corp.		6,417
	6,197	Eagon Holdings Co. Ltd.		14,168
	1,587	Eagon Industrial Ltd.		10,449
	4,965	Easy Bio, Inc.		22,618
	803	Ecopro Co. Ltd.(a)		14,356
	1,390	E-MART, Inc.		133,212
	1,478	EM-Tech Co. Ltd.		10,658
	998	ENF Technology Co. Ltd.		22,303
	564	Eo Technics Co. Ltd.		46,683
	11,176	Eugene Investment & Securities Co. Ltd.		19,740
	2,306	Eugene Technology Co. Ltd.		30,325
	4,135	Eusu Holdings Co. Ltd.(a)		25,270
	936	F&F Co. Ltd.		80,853
	3,408	FCB Twelve Co. Ltd.(a)		25,250
	1,549	Fila Korea Ltd.		76,688
	1,087	Fine Semitech Corp.		6,596
	3,565	Foosung Co. Ltd.(a)		25,862
	779	Genie Music Corp.(a)		2,434
	667	GOLFZON Co. Ltd.		39,156
	2,412	Grand Korea Leisure Co. Ltd.		44,054
	19,172	Green Cross Corp.		2,117,497
	1,306	Green Cross Holdings Corp.		23,348
	137,943	GS Engineering & Construction Corp.		3,663,620
	9,123	GS Global Corp.		18,270
	7,417	GS Holdings Corp.		316,519
	1,932	GS Retail Co. Ltd.		63,517
	178	Gwangju Shinsegae Co. Ltd.		25,932
	700	HAESUNG DS Co. Ltd.		8,844
	2,861	Halla Corp.(a)		7,771
	546	Halla Holdings Corp.		19,593
	107,184	Hana Financial Group, Inc.		3,104,646

Shares			Value
SOUTH KOREA (continued)
	5,944	Hana Micron, Inc.	$	28,252
	388	Hana Tour Service, Inc.		16,191
	821	Hanall Biopharma Co. Ltd.(a)		23,463
	1,536	Hancom, Inc.		13,268
	935	Handok, Inc.		18,042
	1,011	Handsome Co. Ltd.		25,374
	2,326	Hanjin Heavy Industries & Construction Co. Ltd.(a)		8,727
	2,580	Hanjin Kal Corp.		67,192
	280	Hanjin Transportation Co. Ltd.		7,424
	76	Hankook Shell Oil Co. Ltd.		21,655
	9,880	Hankook Tire & Technology Co. Ltd.		263,676
	106	Hanmi Pharm Co. Ltd.		30,385
	335	Hanmi Science Co. Ltd.		12,554
	3,807	Hanmi Semiconductor Co. Ltd.		22,283
	978	Hansae Co. Ltd.		15,215
	1,513	Hansae Yes24 Holdings Co. Ltd.		9,974
	1,819	Hanshin Construction Co. Ltd.		23,999
	634	Hansol Chemical Co. Ltd.		51,115
	3,258	Hansol Holdings Co. Ltd.(a)		11,103
	16,438	Hansol HomeDeco Co. Ltd.		16,742
	3,882	Hansol Paper Co. Ltd.		48,882
	4,396	Hansol Technics Co. Ltd.(a)		28,111
	524	Hanssem Co. Ltd.		28,554
	1,369	Hanwha Aerospace Co. Ltd.(a)		44,478
	12,707	Hanwha Chemical Corp.		178,572
	6,639	Hanwha Corp.		135,525
	195	Hanwha Galleria Timeworld Co. Ltd.		3,193
	16,802	Hanwha Investment & Securities Co. Ltd.(a)		28,955
	2,960	Hanyang Eng Co. Ltd.		29,512
	2,836	Harim Holdings Co. Ltd.		21,938
	1,738	HDC Hyundai Engineering Plastics Co. Ltd.		6,670
	7,210	Heungkuk Fire & Marine Insurance Co. Ltd.(a)		19,366
	3,133	Hite Jinro Co. Ltd.		76,612
	4,119	HJ Magnolia Yongpyong Hotel & Resort Corp.		22,835
	1,530	Hotel Shilla Co. Ltd.		101,917
	5,644	HS Industries Co. Ltd.		55,060
	6,474	HS R&A Co. Ltd.		10,628
	1,564	Huchems Fine Chemical Corp.		29,709
	67	Hugel, Inc.(a)		21,019
	562	Huons Co. Ltd.		22,582
	2,281	Huons Global Co. Ltd.		59,503
	1,576	Huvis Corp.		7,857
	2,600	Hwangkum Steel & Technology Co. Ltd.		16,716
	1,316	Hy-Lok Corp.		19,399
	425	Hyosung Chemical Corp.		60,456
	562	Hyosung Corp.		39,948
	2,903	Hyundai BNG Steel Co. Ltd.		22,856

Shares			Value
SOUTH KOREA (continued)
	38,109	Hyundai Construction Equipment Co. Ltd.	$	913,869
	870	Hyundai Corp.		13,198
	39,224	Hyundai Department Store Co. Ltd.		2,491,429
	577	Hyundai Elevator Co. Ltd.		36,551
	109,514	Hyundai Engineering & Construction Co. Ltd.		4,042,826
	1,807	Hyundai Glovis Co. Ltd.		234,524
	3,301	Hyundai Greenfood Co. Ltd.		31,777
	560	Hyundai Heavy Industries Holdings Co. Ltd.		164,373
	1,755	Hyundai Livart Furniture Co. Ltd.		21,344
	8,137	Hyundai Marine & Fire Insurance Co. Ltd.		176,595
	7,226	Hyundai Merchant Marine Co. Ltd.(a)		20,465
	2,548	Hyundai Motor Securities Co. Ltd.		21,616
	897	Hyundai Rotem Co. Ltd.(a)		12,413
	1,245	Hyundai Wia Corp.		54,789
	899	HyVision System, Inc.		8,345
	3,262	ICD Co. Ltd.		39,953
	6,080	IHQ, Inc.		9,067
	792	Il Dong Pharmaceutical Co. Ltd.		11,470
	5,139	Iljin Display Co. Ltd.		15,261
	2,212	Iljin Electric Co. Ltd.(a)		5,846
	662	Iljin Materials Co. Ltd.(a)		22,362
	540	Ilyang Pharmaceutical Co. Ltd.(a)		10,118
	1,171	InBody Co. Ltd.		22,998
	245,714	Industrial Bank of Korea		2,492,093
	2,198	Innox Advanced Materials Co., Ltd.(a)		109,385
	4,639	Inscobee, Inc.(a)		10,786
	5,356	Interpark Holdings Corp.		11,049
	2,081	IS Dongseo Co. Ltd.		57,147
	1,144	i-SENS, Inc.		27,089
	5,112	IsuPetasys Co. Ltd.		18,388
	1,301	Jahwa Electronics Co. Ltd.		11,965
	2,946	JASTECH Ltd.		31,905
	2,907	JB Financial Group Co. Ltd.		13,343
	737	Jcontentree Corp.(a)		23,565
	861	Jeju Air Co. Ltd.		17,761
	3,377	Jusung Engineering Co. Ltd.		20,579
	1,283	JW Pharmaceutical Corp.		31,925
	1,661	JYP Entertainment Corp.		31,979
	2,527	KAON Media Co. Ltd.		19,222
	81,383	KB Financial Group, Inc.		2,934,391
	1,052	KEPCO Engineering & Construction Co., Inc.		18,581
	824	KEPCO Plant Service & Engineering Co. Ltd.		23,089
	3,003	Keyang Electric Machinery Co. Ltd.		7,188

Shares			Value
SOUTH KOREA (continued)
	7,117	KEYEAST Co. Ltd.(a)	$	16,547
	2,361	KG Chemical Corp.		21,917
	2,847	Kginicis Co. Ltd.		40,009
	4,335	KGMobilians Co. Ltd.		21,424
	1,590	KIWOOM Securities Co. Ltd.		94,570
	964	Koentec Co. Ltd.		8,244
	556	Koh Young Technology, Inc.		44,969
	1,469	Kolmar BNH Co. Ltd.		34,028
	1,625	Kolmar Korea Holdings Co. Ltd.		30,588
	440	Kolon Corp.		6,562
	2,513	Kolon Industries, Inc.		102,058
	5,608	Korea Asset In Trust Co. Ltd.		16,413
	1,723	Korea Autoglass Corp.		24,954
	122,296	Korea Electric Power Corp.(a)		2,675,176
	809	Korea Electric Terminal Co. Ltd.		32,055
	579	Korea Gas Corp.		19,558
	536	Korea Information & Communications Co. Ltd.(a)		3,769
	5,031	Korea Investment Holdings Co. Ltd.		293,181
	2,885	Korea Line Corp.(a)		55,049
	573	Korea Petrochemical Ind Co. Ltd.		58,608
	17,755	Korea Real Estate Investment & Trust Co. Ltd.		33,726
	38,142	Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		3,999,591
	1,041	Korea United Pharm, Inc.		17,313
	6,053	Korean Air Lines Co. Ltd.		129,545
	11,209	Korean Reinsurance Co.		76,496
	2,714	Kortek Corp.		28,809
	350	KPX Chemical Co. Ltd.		16,185
	2,891	KT Skylife Co. Ltd.		21,618
	12,081	KTB Investment & Securities Co. Ltd.(a)		23,987
	3,749	KTCS Corp.		6,654
	700	Kukdo Chemical Co. Ltd.		28,489
	2,347	Kumho Petrochemical Co. Ltd.		141,209
	6,035	Kumho Tire Co., Inc.(a)		21,942
	5,317	Kwang Dong Pharmaceutical Co. Ltd.		31,442
	1,610	Kyeryong Construction Industrial Co. Ltd.		30,029
	4,479	Kyobo Securities Co. Ltd.		34,956
	1,118	Kyongbo Pharmaceutical Co. Ltd.		8,062
	682	Kyung Dong Navien Co. Ltd.		25,734
	2,747	Kyungbang Co. Ltd.		23,611
	3,492	Kyungdong Pharm Co. Ltd.		23,561
	560	L&F Co. Ltd.		10,998
	3,000	LB Semicon, Inc.(a)		20,113
	7,239	Leadcorp Inc (The)		34,968
	682	LEENO Industrial, Inc.		31,185
	2,818	LF Corp.		47,594
	53,470	LG Electronics, Inc.		3,074,600
	210	LG Hausys Ltd.		10,740

Shares			Value
SOUTH KOREA (continued)
	1,690	LG Innotek Co. Ltd.	$	175,762
	4,149	LG International Corp.		55,453
	1,254	Lock & Lock Co. Ltd.		12,718
	385	Lotte Chilsung Beverage Co. Ltd.		45,335
	1,305	Lotte Corp.		40,941
	2,654	LOTTE Fine Chemical Co. Ltd.		100,827
	9,809	Lotte Non-Life Insurance Co. Ltd.(a)		18,632
	1,333	Lotte Shopping Co. Ltd.		142,643
	2,178	LS Corp.		90,793
	1,913	LS Industrial Systems Co. Ltd.		81,801
	7,515	Macquarie Korea Infrastructure Fund		76,542
	3,810	Mando Corp.		117,236
	1,288	Mcnex Co. Ltd.		26,901
	220	Medy-Tox, Inc.		62,401
	377	MegaStudyEdu Co. Ltd.		11,876
	7,186	Meritz Financial Group, Inc.		76,897
	4,743	Meritz Fire & Marine Insurance Co. Ltd.		75,418
	41,376	Meritz Securities Co. Ltd.		160,390
	2,704	MiCo Ltd.		13,503
	47,998	Mirae Asset Daewoo Co. Ltd.		294,972
	15,866	Mirae Asset Life Insurance Co. Ltd.		54,616
	1,001	Modetour Network, Inc.		13,594
	5,297	Moorim P&P Co. Ltd.		20,283
	7,421	Moorim Paper Co. Ltd.		16,552
	1,740	Namhae Chemical Corp.		12,413
	434	NeoPharm Co. Ltd.		18,073
	708	Neowiz(a)		10,376
	3,085	NEPES Corp.		73,847
	7,239	Nexen Corp.		36,897
	2,044	Nexen Tire Corp.		16,444
	15,622	NH Investment & Securities Co. Ltd.		162,470
	1,051	NHN KCP Corp.		19,196
	2,870	NICE Holdings Co. Ltd.		47,856
	1,136	Nice Information & Telecommunication, Inc.		30,464
	3,006	NICE Information Service Co. Ltd.		31,521
	2,683	NICE Total Cash Management Co. Ltd.		15,797
	302	NongShim Co. Ltd.		62,817
	454	Noroo Holdings Co. Ltd.		4,917
	2,740	NPC		9,397
	46,130	OCI Co. Ltd.		2,493,942
	3,642	OPTRON-TEC, Inc.		17,749
	1,460	Orange Life Insurance Ltd.		35,137
	1,868	Orion Corp.		25,367
	431	Orion Corp./Republic of Korea		39,268
	505	Osstem Implant Co. Ltd.(a)		17,384
	53	Ottogi Corp.		25,738
	4,424	Paik Kwang Industrial Co. Ltd.		9,506
	15,220	Pan Ocean Co. Ltd.(a)		57,494

Shares			Value
SOUTH KOREA (continued)
	5,134	Pan-Pacific Co. Ltd.	$	12,223
	1,952	Paradise Co. Ltd.		31,290
	4,914	Partron Co. Ltd.		50,050
	162	Pearl Abyss Corp.(a)		30,160
	2,784	Poongsan Corp.		48,217
	776	POSCO Chemical Co. Ltd.		32,048
	4,494	Posco ICT Co. Ltd.		18,541
	6,913	Posco International Corp.		108,438
	4,870	Power Logics Co. Ltd.(a)		40,226
	2,046	Protec Co. Ltd.		31,478
	3,374	PSK, Inc.(a)		48,720
	1,800	Pulmuone Co. Ltd.		13,584
	1,772	S&T Motiv Co. Ltd.		69,451
	36,250	S-1 Corp.		2,919,442
	393	Sajo Industries Co. Ltd.		13,174
	821	Sajodaerim Corp.		11,467
	851	Sam Chun Dang Pharm Co. Ltd.		24,577
	2,523	Sambo Motors Co. Ltd.		12,903
	5,492	Samick Musical Instruments Co. Ltd.		8,284
	1,859	Samick THK Co. Ltd.		19,973
	2,847	Samji Electronics Co. Ltd.		25,327
	574	Samjin Pharmaceutical Co. Ltd.		12,655
	1,210	Sammok S-Form Co. Ltd.		9,672
	3,371	Samsung Card Co. Ltd.		97,208
	335,177	Samsung Engineering Co. Ltd.(a)		5,127,982
	26,742	Samsung Heavy Industries Co. Ltd.(a)		166,642
	26,630	Samsung SDS Co. Ltd.		4,612,098
	7,839	Samsung Securities Co. Ltd.		226,387
	15,416	SAMT Co. Ltd.		28,952
	535	Samwha Capacitor Co. Ltd.		22,785
	378	Samyang Corp.		15,676
	426	Samyang Foods Co. Ltd.		32,331
	580	Samyang Holdings Corp.		31,605
	10,570	Savezone I&C Corp.		30,617
	12,045	S-Connect Co. Ltd.(a)		17,289
	2,543	Seah Besteel Corp.		34,972
	485	SeAH Holdings Corp.		33,849
	1,617	Sebo Manufacturing Engineer Corp.		11,688
	1,369	Seegene, Inc.(a)		25,004
	2,419	Sekonix Co. Ltd.(a)		14,409
	12,974	Seohan Co. Ltd.		14,218
	4,633	Seoul Semiconductor Co. Ltd.		53,360
	1,713	SFA Engineering Corp.		61,544
	1,034	SFA Semicon Co. Ltd.(a)		3,111
	273	Shindaeyang Paper Co. Ltd.		14,736
	464	Shinsegae Engineering & Construction Co. Ltd.		9,731
	244	Shinsegae Food Co. Ltd.		14,953
	139	Shinsegae International, Inc.		23,715
	940	Shinsegae, Inc.		190,674

Shares			Value
SOUTH KOREA (continued)
	9,563	Shinsung E&G Energy Co. Ltd.(a)	$	7,529
	806	Silicon Works Co. Ltd.		23,138
	2,858	SIMMTECH Co. Ltd.		23,337
	642	SK Bioland Co. Ltd.		8,332
	651	SK Chemicals Co. Ltd.		26,410
	907	SK Discovery Co. Ltd.		17,502
	248	SK Gas Ltd.		17,905
	332	SK Materials Co. Ltd.		52,278
	500,344	SK Networks Co. Ltd.		2,498,602
	50,607	SK Securities Co. Ltd.		26,098
	2,802	SKC Co. Ltd.		106,811
	1,591	SKCKOLONPI, Inc.		47,041
	2,440	SL Corp.		43,937
	602	SM Entertainment Co. Ltd.(a)		19,197
	4,340	Solid, Inc.(a)		19,621
	2,175	Songwon Industrial Co. Ltd.		28,883
	1,433	Soulbrain Co. Ltd.		92,869
	134	SPC Samlip Co. Ltd.		10,585
	4,928	Ssangyong Cement Industrial Co. Ltd.		24,821
	5,404	Ssangyong Motor Co.(a)		10,637
	1,302	Suheung Co. Ltd.		37,042
	1,349	Sun Kwang Co. Ltd.		18,146
	2,270	Sung Kwang Bend Co. Ltd.		19,335
	5,975	Sungchang Enterprise Holdings Ltd.(a)		8,833
	2,957	Sungshin Cement Co. Ltd.		20,307
	10,772	Sungwoo Hitech Co. Ltd.		32,081
	67	Suprema, Inc.(a)		1,431
	2,784	Systems Technology, Inc.		41,517
	3,467	Tae Kyung Industrial Co. Ltd.		16,449
	5,742	Taeyoung Engineering & Construction Co. Ltd.		64,159
	4,737	Tailim Packaging Co. Ltd.		19,441
	2,118	TechWing, Inc.		20,116
	2,038	TES Co Ltd.		35,910
	5,795	TK Chemical Corp.(a)		13,722
	753	Tokai Carbon Korea Co. Ltd.		34,626
	8,545	Tongyang Life Insurance Co. Ltd.		26,918
	4,967	Top Engineering Co. Ltd.		37,868
	1,855	Toptec Co. Ltd.		13,010
	4,916	Tovis Co. Ltd.		31,225
	1,046	Unid Co. Ltd.		41,986
	4,676	Union Semiconductor Equipment & Materials Co. Ltd.		19,332
	2,607	UniTest, Inc.		33,499
	754	Vieworks Co. Ltd.		15,683
	1,082	Vitzrocell Co. Ltd.(a)		12,462
	1,434	Webzen Inc(a)		20,522
	696	Whanin Pharmaceutical Co. Ltd.		9,811
	2,949	WiSoL Co. Ltd.		37,767
	8,940	Wonik Holdings Co. Ltd.(a)		34,501

Shares			Value
SOUTH KOREA (continued)
	3,348	WONIK IPS Co. Ltd.	$	95,394
	1,292	Wonik Materials Co. Ltd.		30,927
	1,325	Wonik QnC Corp.(a)		14,463
	246,475	Woori Financial Group, Inc.		2,489,218
	4,070	Y G-1 Co. Ltd.		26,412
	2,162	Youlchon Chemical Co. Ltd.		24,994
	49	Young Poong Corp.		25,649
	3,091	Youngone Corp.		92,322
	764	Youngone Holdings Co. Ltd.		34,541
	16,555	Yuanta Securities Korea Co. Ltd.(a)		36,569
	247	Yuhan Corp.		47,661
	3,045	Yuyang DNU Co. Ltd.(a)		14,787
	2,552	Zeus Co. Ltd.		26,102
				70,722,981
SPAIN — 0.4%
	19,152	Acciona SA		1,996,113
	17,766	Acerinox SA		166,005
	929	Alantra Partners SA		15,801
	346,714	Almirall SA		6,504,126
	3,400	AmRest Holdings SE(a)		42,092
	391,994	Applus Services SA		4,726,032
	11,724	Atresmedia Corp. de Medios de Comunicaion SA		49,007
	2,752	Azkoyen SA		21,055
	103,273	Banco de Sabadell SA		113,314
	28,729	Bankia SA		54,727
	49,643	Bankinter SA		343,274
	6,859	Bolsas y Mercados Espanoles SHMSF SA		190,175
	20,024	Caja de Ahorros del Mediterraneo(a),(b)		0
	23,470	Cellnex Telecom SA		1,011,953
	38,690	Cia de Distribucion Integral Logista Holdings SA		810,806
	2,586	CIE Automotive SA		64,375
	2,513	Construcciones y Auxiliar de Ferrocarriles SA		112,811
	5,852	Ebro Foods SA		128,446
	69,192	EDP Renovaveis SA		788,676
	22,432	eDreams ODIGEO SA(a)		103,076
	14,311	Elecnor SA		165,197
	51,843	Enagas SA		1,283,036
	21,838	Ence Energia y Celulosa SA		85,976
	16,697	Ercros SA		42,459
	29,804	Euskaltel SA		277,225
	78,338	Faes Farma SA		449,957
	2,298	Fluidra SA(a)		28,705
	7,912	Fomento de Construcciones y Contratas SA		95,831
	16,826	Grupo Catalana Occidente SA		589,253
	47,660	Grupo Ezentis SA(a)		27,109
	1,924	Iberpapel Gestion SA		53,646
	9,320	Indra Sistemas SA(a)		90,017
	5,814	Inmobiliaria Colonial Socimi SA REIT		75,089

Shares			Value
SPAIN (continued)
	1,502	Laboratorios Farmaceuticos Rovi SA	$	37,021
	1,310,039	Liberbank SA		418,747
	50,363	Mapfre SA		140,425
	2,908	Masmovil Ibercom SA(a)		67,201
	339,837	Mediaset Espana Comunicacion SA		2,077,030
	18,936	Melia Hotels International SA		154,277
	49,803	Merlin Properties Socimi SA REIT		733,198
	2,815	Miquel y Costas & Miquel SA		47,282
	1,765	Prim SA		21,161
	12,629	Prosegur Cia de Seguridad SA		49,016
	13,298	Quabit Inmobiliaria SA(a)		11,628
	594	Realia Business SA(a)		586
	13,619	Red Electrica Corp. SA		274,166
	60,741	Sacyr SA		172,748
	9,426	Siemens Gamesa Renewable Energy SA		129,570
	5,619	Talgo SA(a)		35,094
	1,445	Tecnicas Reunidas SA(a)		36,326
	25,052	Tubacex SA		74,322
	16,134	Unicaja Banco SA		14,602
	4,051	Vidrala SA		351,958
	2,388	Viscofan SA		129,385
	34,839	Vocento SA		47,210
	13,229	Zardoya Otis SA		100,182
				25,628,499
SWEDEN — 1.2%
	8,497	AAK AB		150,568
	8,404	AcadeMedia AB(a)		42,517
	1,972	Addlife AB		44,114
	13,163	AddNode Group AB		234,477
	6,047	AddTech AB - Class B		168,151
	16,626	AF POYRY AB		353,331
	3,205	Akelius Residential Property AB		116,175
	2,380	Alimak Group AB		31,353
	722,700	Arjo AB - B Shares		2,975,916
	26,584	Atrium Ljungberg AB - Class B		529,164
	3,481	Attendo AB		17,759
	163,470	Avanza Bank Holding AB		1,393,330
	28,092	Axfood AB		604,567
	578	BE Group AB		2,245
	7,305	Beijer Alma AB		93,963
	5,582	Beijer Electronics Group AB		29,021
	2,374	Beijer Ref AB		64,023
	8,577	Bergman & Beving AB		74,971
	910	Besqab AB		13,571
	30,283	Betsson AB		149,130
	408,565	Bilia AB - A Shares		4,095,932
	23,063	BillerudKorsnas AB		276,831
	800	BioGaia AB - Class B		30,448
	3,126	Biotage AB		32,245
	35,514	Bonava AB - Class B		342,057
	8,615	Bravida Holding AB		79,274

Shares			Value
SWEDEN (continued)
	10,436	Bufab AB	$	113,701
	92,478	Bure Equity AB		1,427,056
	82,418	Byggmax Group AB(a)		231,146
	52,876	Castellum AB		1,080,169
	15,718	Catena AB		574,630
	18,117	Cellavision AB		516,921
	70,860	Clas Ohlson AB - Class B		681,396
	428,925	Cloetta AB - B Shares		1,455,263
	5,671	Coor Service Management Holding AB		48,454
	3,910	Corem Property Group AB - Preference Shares		148,614
	305,694	Dios Fastigheter AB		2,545,419
	23,359	Dometic Group AB		216,421
	13,750	Doro AB(a)		59,809
	5,756	Duni AB		77,139
	11,660	Dustin Group AB		92,863
	3,235	Eastnine AB		39,601
	5,106	Elanders AB - B Shares		43,891
	236,885	Elekta AB - Class B		3,299,712
	16,297	Enea AB(a)		275,113
	2,011	Enlabs AB(a)		5,415
	69,143	Eolus Vind AB - B Shares		740,432
	5,271	Fagerhult AB		31,225
	181,196	Fastighets AB Balder - Class B(a)		7,018,373
	9	FastPartner AB		76
	9,885	Fingerprint Cards AB - Class B(a)		18,361
	28,588	Fortnox AB		512,208
	466	G5 Entertainment AB		6,187
	2,398	GARO AB		83,446
	19,157	Genovis AB(a)		52,576
	579,605	Getinge AB - B Shares		9,886,486
	38,747	Global Gaming 555 AB		26,886
	16,539	Granges AB		160,668
	18,656	Gunnebo AB		46,757
	30,730	Haldex AB		154,673
	5,659	Hemfosa Fastigheter AB		58,286
	9,633	Hexpol AB		85,798
	27,523	HIQ International AB		136,251
	2,022	HMS Networks AB		25,967
	11,313	Hoist Finance AB(a)		61,921
	5,960	Holmen AB - B Shares		175,670
	46,509	Hufvudstaden AB - A Shares		777,904
	48,034	Humana AB		288,034
	32,916	Husqvarna AB - B Shares		251,787
	3,044	Husqvarna AB - Class A		23,140
	6,904	Indutrade AB		212,503
	109,564	Instalco AB		1,211,868
	13,804	Intrum AB		371,702
	82,049	Inwido AB		545,962
	6,362	JM AB		162,745
	112,791	Klovern AB - B Shares		196,947
	9,466	KNOW IT AB		186,267
	195,833	Kungsleden AB		1,778,696

Shares			Value
SWEDEN (continued)
	6,275	Lagercrantz Group AB - B Shares	$	80,585
	1,932	Lifco AB - B Shares		96,283
	2,290	Lime Technologies AB		32,539
	314,619	Lindab International AB		3,512,529
	8,693	Loomis AB - Class B		335,811
	3,312	Medivir AB - Class B(a)		7,992
	8,224	Momentum Group AB - Class B		88,239
	6,683	Mycronic AB		111,087
	5,004	Nederman Holding AB		61,671
	330,779	NetEnt AB		935,227
	86,344	New Wave Group AB - Class B		501,662
	21,247	Nobia AB		135,548
	7,202	Nobina AB		45,611
	68,189	Nolato AB - B Shares		3,813,505
	1,900	Nordic Waterproofing Holding AS		18,497
	5,497	NP3 Fastigheter AB		56,702
	99,034	Nyfosa AB(a)		661,546
	1,084	OEM International AB - B Shares		22,902
	131,238	Opus Group AB		70,949
	78,815	Orexo AB(a)		532,197
	27,790	Peab AB		233,989
	2,570	Platzer Fastigheter Holding AB - Class B		25,738
	42,861	Pricer AB - B Shares		64,009
	7,882	Proact IT Group AB		124,568
	20,829	RaySearch Laboratories AB(a)		333,714
	197,285	Recipharm AB - B Shares		2,805,310
	799	Rejlers AB		8,647
	8,478	Resurs Holding AB		49,872
	149,743	Rottneros AB		167,799
	2,524	Saab AB - Class B		77,819
	2,136	Sagax AB - Class B		24,555
	49,388	SAS AB(a)		77,133
	39,044	Scandi Standard AB		287,097
	9,373	Scandic Hotels Group AB		90,034
	18,112	Sectra AB - Class B		603,064
	11,101	Semcon AB		68,406
	1,390	Sintercast AB		18,570
	95,227	SkiStar AB		1,142,049
	15,987	SSAB AB - Class A		44,621
	32,183	SSAB AB - Class B		80,860
	32,121	Sweco AB - Class B		1,129,726
	4,473	Systemair AB		64,392
	5,104	Thule Group AB		103,764
	22,493	Trelleborg AB - B Shares		363,286
	2,598	Troax Group AB		28,951
	716	VBG Group AB - B Shares		10,493
	59,045	Vitrolife AB		920,925
	3,733	Wallenstam AB - B Shares		40,865
	144,299	Wihlborgs Fastigheter AB		2,180,393
				72,459,399

Shares			Value
SWITZERLAND — 0.8%
	19,887	Adecco Group AG	$	1,178,907
	2,036	Allreal Holding AG		396,674
	6,094	ALSO Holding AG		906,842
	128	APG SGA SA		37,758
	5,003	Arbonia AG		62,582
	25,362	Ascom Holding AG		251,178
	661	Autoneum Holding AG		74,040
	4,095	Baloise Holding AG		756,319
	491	Banque Cantonale de Geneve		98,300
	736	Banque Cantonale Vaudoise		576,714
	81	Barry Callebaut AG		170,786
	35	Belimo Holding AG		219,615
	473	Bell Food Group AG		129,937
	1,462	Bellevue Group AG		33,345
	818	Berner Kantonalbank AG		180,350
	304	BKW AG		22,434
	1,241	Bobst Group SA		65,101
	354	Bossard Holding AG - Class A		56,159
	756	Bucher Industries AG		233,429
	88	Burckhardt Compression Holding AG		20,963
	232	Burkhalter Holding AG		18,344
	1,680	Calida Holding AG		55,347
	15,139	Cavotec SA(a)		22,107
	40,344	Cembra Money Bank AG		4,269,553
	135	Cham Group AG		58,708
	1,007	Cicor Technologies Ltd.		47,364
	554	Cie Financiere Tradition SA		57,843
	8,625	Clariant AG		176,697
	186	Coltene Holding AG		15,234
	124	Conzzeta AG		107,974
	224	Daetwyler Holding AG		38,556
	1,087	DKSH Holding AG		51,590
	183	dormakaba Holding AG		117,146
	4,919	Dufry AG		426,729
	2,041	EDAG Engineering Group AG		25,267
	7,762	EFG International AG		48,940
	554	Emmi AG		468,920
	2,219	Energiedienst Holding AG		70,855
	41,190	Evolva Holding SA(a)		6,739
	395	Fenix Outdoor International AG		36,859
	1,122,107	Ferrexpo Plc		1,830,715
	2,203	Flughafen Zuerich AG		396,830
	90	Forbo Holding AG		143,234
	7,863	GAM Holding AG(a)		26,207
	221	Georg Fischer AG		210,583
	39	Gurit Holding AG		55,663
	56,112	Helvetia Holding AG		7,872,175
	3,758	Highlight Communications AG		17,436
	16,679	Huber & Suhner AG		1,109,115
	12	Hypothekarbank Lenzburg AG		54,496
	43,426	Implenia AG		1,648,999
	125	Inficon Holding AG		89,584
	21	Interroll Holding AG		43,426
	519	Intershop Holding AG		285,147

Shares			Value
SWITZERLAND (continued)
	81,251	IWG Plc	$	403,524
	12,009	Julius Baer Group Ltd.		529,784
	719	Jungfraubahn Holding AG		112,241
	2,436	Kardex AG		353,609
	135	Komax Holding AG		28,683
	122,651	Kongsberg Automotive ASA(a)		63,885
	8,039	Landis & Gyr Group AG		745,227
	1,955	Lastminute.com NV(a)		81,054
	34	LEM Holding SA		40,187
	3,646	Logitech International SA		149,166
	777	Luzerner Kantonalbank AG		324,505
	679	Meier Tobler Group AG(a)		9,567
	60	Metall Zug AG - Class B		120,426
	3,411	Mobilezone Holding AG		36,997
	1,595	Mobimo Holding AG		449,478
	11,401	OC Oerlikon Corp AG		116,726
	939	Orascom Development Holding AG(a)		14,087
	514	Orior AG		45,174
	220	Phoenix Mecano AG		97,902
	261	Plazza AG		68,524
	9,795	PSP Swiss Property AG		1,295,740
	3,181	Rieter Holding AG		433,055
	154	Romande Energie Holding SA		184,207
	137	Schaffner Holding AG		29,303
	153	Schweiter Technologies AG		157,265
	810	SFS Group AG		71,640
	3,917	Siegfried Holding AG		1,594,197
	507	St. Galler Kantonalbank AG		221,764
	324	Straumann Holding AG		288,956
	1,497	Sulzer AG		151,142
	3,811	Sunrise Communications Group AG		296,111
	2,142	Swiss Life Holding AG		1,070,891
	5,160	Swiss Prime Site AG		531,430
	3,070	Swissquote Group Holding SA		133,692
	424	Tamedia AG		39,800
	73,360	Temenos AG		10,466,721
	235	Thurgauer Kantonalbank		25,251
	292	u-blox Holding AG		23,620
	12,275	Valiant Holding AG		1,244,298
	4,078	Valora Holding AG		1,165,733
	694	VAT Group AG		101,761
	374	Vaudoise Assurances Holding SA		206,998
	71	Vetropack Holding AG		192,524
	1,506	Vifor Pharma AG		236,701
	6,951	Von Roll Holding AG(a)		6,370
	13,855	Vontobel Holding AG		806,160
	351	VZ Holding AG		97,846
	11	Warteck Invest AG		22,747
	6,116	Zehnder Group AG		266,587
	53	Zug Estates Holding AG - B Shares		107,988
	29	Zuger Kantonalbank AG		176,969
				50,814,028

Shares			Value
TAIWAN — 1.6%
	24,000	Accton Technology Corp.	$	143,099
	5,536,878	Acer, Inc.		3,237,674
	5,050	Acter Group Corp. Ltd.		27,871
	7,025	Actron Technology Corp.		21,301
	9,998	Adlink Technology, Inc.		15,716
	3,000	Advanced Ceramic X Corp.		24,835
	22,000	Advanced International Multitech Co. Ltd.		29,342
	15,000	Advanced Wireless Semiconductor Co.		53,465
	24,373	Advancetek Enterprise Co. Ltd.		13,732
	19,000	Aerospace Industrial Development Corp.		19,817
	3,916	Airtac International Group		53,709
	9,000	Alchip Technologies Ltd.		55,140
	22,000	Ambassador Hotel (The)		17,309
	22,000	Ampire Co. Ltd.		15,430
	9,099	Anpec Electronics Corp.		22,239
	26,000	APCB, Inc.		22,592
	24,161	Apex International Co. Ltd.		34,328
	62,872	Ardentec Corp.		58,658
	10,000	Asia Optical Co., Inc.		27,595
	100,000	Asia Pacific Telecom Co. Ltd.(a)		19,711
	30,100	Asia Vital Components Co. Ltd.		41,234
	2,208	ASMedia Technology, Inc.		35,542
	2,000	ASPEED Technology, Inc.		52,430
	11,000	Aten International Co. Ltd.		31,185
	9,272,000	AU Optronics Corp.		2,375,835
	24,800	Audix Corp.		32,181
	58,171	Bank of Kaohsiung Co. Ltd.		18,326
	18,000	BenQ Materials Corp.		11,087
	88,350	BES Engineering Corp.		23,567
	10,000	Brighton-Best International Taiwan, Inc.		10,512
	13,000	C Sun Manufacturing Ltd.		11,104
	9,900	Capital Futures Corp.		13,968
	191,955	Capital Securities Corp.		58,014
	35,479	Career Technology Manufacturing Co. Ltd.		44,173
	16,000	Casetek Holdings Ltd.		28,909
	34,300	Cathay Real Estate Development Co. Ltd.		24,677
	26,519	Center Laboratories, Inc.		58,107
	20,748	Central Reinsurance Co. Ltd.		12,507
	34,975	ChainQui Construction Development Co. Ltd.		27,747
	1,730	Chang Wah Electromaterials, Inc.		9,747
	21,000	Channel Well Technology Co. Ltd.		17,385
	13,185	Charoen Pokphand Enterprise		28,371
	3,000	Chaun-Choung Technology Corp.		20,253
	14,000	CHC Healthcare Group		19,063
	50,920	Cheng Loong Corp.		30,361
	1,328,559	Cheng Shin Rubber Industry Co. Ltd.		2,088,387

Shares			Value
TAIWAN (continued)
	39,797	Cheng Uei Precision Industry Co. Ltd.	$	59,747
	25,277	Chicony Electronics Co. Ltd.		78,636
	12,300	Chicony Power Technology Co. Ltd.		24,002
	7,961	Chilisin Electronics Corp.		22,491
	357,744	China Airlines Ltd.		106,475
	105,000	China Bills Finance Corp.		51,395
	21,000	China Chemical & Pharmaceutical Co. Ltd.		13,211
	78,672	China General Plastics Corp.		58,150
	128,584	China Life Insurance Co. Ltd/Taiwan(a)		106,025
	33,077	China Metal Products		34,228
	3,919,650	China Petrochemical Development Corp.		1,306,958
	6,114	China Steel Chemical Corp.		25,408
	31,360	China Wire & Cable Co. Ltd.		27,300
	21,000	Chinese Maritime Transport Ltd.		21,593
	42,883	Chin-Poon Industrial Co. Ltd.		43,460
	54,000	Chipbond Technology Corp.		107,147
	53,000	ChipMOS Technologies, Inc.		52,581
	25,000	Chong Hong Construction Co. Ltd.		67,344
	10,876	Chroma ATE, Inc.		54,486
	64,000	Chun YU Works & Co. Ltd.		41,629
	124,779	Chun Yuan Steel		42,016
	132,000	Chung Hung Steel Corp.		39,417
	138,779	Chung Hwa Pulp Corp.		42,080
	22,125	Chung-Hsin Electric & Machinery Manufacturing Corp.		14,791
	7,000	Cleanaway Co. Ltd.		36,333
	117,498	CMC Magnetics Corp.(a)		44,003
	4,774,000	Compal Electronics, Inc.		2,854,316
	135,000	Compeq Manufacturing Co. Ltd.		189,591
	3,391	Concraft Holding Co. Ltd.		21,221
	52,200	Coretronic Corp.		67,564
	24,000	Co-Tech Development Corp.		34,178
	47,523	CSBC Corp. Taiwan(a)		42,152
	18,838	CTCI Corp.		25,311
	1,649	Cub Elecparts, Inc.		13,814
	18,000	CviLux Corp.		15,286
	6,000	CyberPower Systems, Inc.		20,203
	80,133	Da-Li Development Co. Ltd.		71,997
	28,000	Darfon Electronics Corp.		37,621
	47,000	Darwin Precisions Corp.		25,630
	10,000	Depo Auto Parts Industrial Co. Ltd.		20,302
	66,904	D-Link Corp.		26,264
	42,000	Dynamic Electronics Co. Ltd.(a)		21,386
	13,000	Dynapack International Technology Corp.		25,795
	41,000	E Ink Holdings, Inc.		40,339

Shares			Value
TAIWAN (continued)
	36,000	Eastern Media International Corp.	$	12,122
	7,620	Eclat Textile Co. Ltd.		102,508
	3,000	Egis Technology, Inc.		27,053
	9,924	Elan Microelectronics Corp.		30,743
	7,000	E-LIFE MALL Corp.		15,269
	22,809	Elite Advanced Laser Corp.		41,811
	14,967	Elite Material Co. Ltd.		62,689
	37,000	Elite Semiconductor Memory Technology, Inc.		38,896
	3,000	eMemory Technology, Inc.		33,262
	98,000	EnTie Commercial Bank Co. Ltd.		49,740
	91,015	Epistar Corp.		88,502
	71,975	Eternal Materials Co. Ltd.		61,239
	9,678,814	Eva Airways Corp.		4,530,908
	54,120	Everest Textile Co. Ltd.(a)		18,135
	84,000	Evergreen International Storage & Transport Corp.		38,771
	7,255,617	Evergreen Marine Corp. Taiwan Ltd.(a)		2,979,426
	68,342	Everlight Chemical Industrial Corp.		35,922
	759,000	Everlight Electronics Co. Ltd.		696,902
	8,000	Excelsior Medical Co. Ltd.		14,060
	146,062	Far Eastern Department Stores Ltd.		125,475
	315,205	Far Eastern International Bank		123,740
	39,478	Faraday Technology Corp.		75,220
	12,000	Farglory Land Development Co. Ltd.		15,256
	69,255	Federal Corp.(a)		30,600
	46,320	Feng Hsin Steel Co. Ltd.		80,191
	4,833,516	First Financial Holding Co. Ltd.		3,548,860
	61,000	First Insurance Co. Ltd. (The)		28,355
	129,859	First Steamship Co. Ltd.		48,846
	34,049	FLEXium Interconnect, Inc.		123,040
	9,955	Flytech Technology Co. Ltd.		23,056
	24,000	Focaltech Systems Co. Ltd.		18,764
	9,338	Formosa Laboratories, Inc.		11,642
	31,203	Formosa Oilseed Processing Co. Ltd.		39,157
	5,000	Formosa Sumco Technology Corp.		19,136
	50,791	Formosan Union Chemical		21,774
	33,000	Fortune Electric Co. Ltd.		27,644
	7,127	Foxsemicon Integrated Technology, Inc.		37,226
	21,000	Froch Enterprise Co. Ltd.		8,830
	12,369	Fulgent Sun International Holding Co. Ltd.		48,963
	42,420	Fulltech Fiber Glass Corp.		19,301
	106,466	Fwusow Industry Co. Ltd.		62,955
	11,000	Gamania Digital Entertainment Co. Ltd.		20,923
	40,000	Gemtek Technology Corp.(a)		31,274

Shares			Value
TAIWAN (continued)
	20,000	General Interface Solution Holding Ltd.	$	75,229
	25,000	Getac Technology Corp.		41,064
	13,000	Giant Manufacturing Co. Ltd.		96,516
	758,981	Gigabyte Technology Co. Ltd.		1,269,103
	2,000	Ginko International Co. Ltd.		11,958
	61,000	Global Brands Manufacture Ltd.		34,467
	6,000	Global Unichip Corp.		52,726
	25,650	Globe Union Industrial Corp.		14,114
	67,880	Gloria Material Technology Corp.		42,369
	50,000	Gold Circuit Electronics Ltd.(a)		25,213
	49,852	Goldsun Building Materials Co. Ltd.		22,518
	5,783	Gourmet Master Co. Ltd.		26,407
	18,000	Grand Ocean Retail Group Ltd.		17,533
	121,000	Grand Pacific Petrochemical(a)		73,139
	4,000	Grape King Bio Ltd.		24,770
	25,000	Great China Metal Industry		19,464
	26,000	Great Taipei Gas Co. Ltd.		26,521
	43,188	Great Wall Enterprise Co. Ltd.		53,488
	44,000	Greatek Electonics, Inc.		61,937
	7,507,000	HannStar Display Corp.		1,598,047
	134,498	HannsTouch Solution, Inc.(a)		60,974
	53,000	Hey Song Corp.		55,280
	50,666	Highwealth Construction Corp.		77,812
	27,065	Hitron Technology, Inc.		16,404
	9,790	Hiwin Technologies Corp.		84,101
	105,530	Ho Tung Chemical Corp.		24,545
	10,000	Holiday Entertainment Co. Ltd.		22,306
	13,000	Holtek Semiconductor, Inc.		28,400
	17,105	Holy Stone Enterprise Co. Ltd.		56,754
	19,514	Hong Pu Real Estate Development Co. Ltd.		14,263
	10,624	Hota Industrial Manufacturing Co. Ltd.		39,438
	51,435	Hsing TA Cement Co.		30,921
	1,006,000	HTC Corp.		1,216,169
	5,000	Hu Lane Associate, Inc.		12,270
	13,479	Huaku Development Co. Ltd.		37,062
	8,000	Huang Hsiang Construction Corp.		9,606
	89,200	Hung Sheng Construction Ltd.(a)		61,390
	42,830	Hwa Fong Rubber Industrial Co. Ltd.(a)		16,814
	132,310	IBF Financial Holdings Co. Ltd.		47,377
	34,341	Ichia Technologies, Inc.		19,912
	9,908	Innodisk Corp.		43,453
	10,620,000	Innolux Corp.		2,361,899
	1,587,872	International CSRC Investment Holdings Co.		1,708,343
	3,000	International Games System Co. Ltd.		38,633
	3,956,155	Inventec Corp.		2,872,194
	19,000	ITEQ Corp.		96,746

Shares			Value
TAIWAN (continued)
	150,682	Jih Sun Financial Holdings Co. Ltd.	$	47,372
	30,000	KEE TAI Properties Co. Ltd.		12,073
	66,682	Kenda Rubber Industrial Co. Ltd.		71,084
	16,000	Kerry TJ Logistics Co. Ltd.		20,026
	34,000	Kindom Construction Corp.		35,407
	10,720	King Chou Marine Technology Co. Ltd.		12,097
	4,000	King Slide Works Co. Ltd.		47,897
	157,184	King Yuan Electronics Co. Ltd.		197,510
	5,000	Kingpak Technology, Inc.		24,392
	108,185	King’s Town Bank Co. Ltd.		112,484
	13,000	Kinik Co.		29,339
	181,343	Kinpo Electronics		67,020
	44,000	Kinsus Interconnect Technology Corp.		69,743
	4,000	KMC Kuei Meng International, Inc.		13,337
	15,000	KS Terminals, Inc.		25,180
	6,000	Kung Long Batteries Industrial Co. Ltd.		28,482
	38,523	Kuo Toong International Co. Ltd.		24,045
	60,799	Kwong Fong Industries Corp.		27,563
	39,000	L&K Engineering Co. Ltd.		32,414
	3,000	Land Mark Optoelectronics Corp.		25,377
	56,714	Lealea Enterprise Co. Ltd.		17,495
	9,000	Lelon Electronics Corp.		12,373
	20,000	Lextar Electronics Corp.		11,728
	50,788	Li Peng Enterprise Co. Ltd.		11,679
	36,649	Lien Hwa Industrial Corp.		41,717
	50,000	Lingsen Precision Industries Ltd.		15,128
	12,882	Lite-On Semiconductor Corp.		17,647
	99,000	Lite-On Technology Corp.		163,263
	274,169	Longchen Paper & Packaging Co. Ltd.		122,041
	15,000	Longwell Co.		36,169
	723	Lotes Co. Ltd.		6,805
	12,545	Lumax International Corp. Ltd.		33,052
	8,000	Lung Yen Life Service Corp.		15,952
	2,000	Machvision, Inc.		19,941
	250,000	Macronix International		255,416
	6,523	Makalot Industrial Co. Ltd.		36,429
	11,000	Materials Analysis Technology, Inc.		26,632
	550,000	MediaTek, Inc.		7,371,758
	57,039	Mercuries & Associates Holding Ltd.		36,351
	65,280	Mercuries Life Insurance Co. Ltd.(a)		23,161
	5,000	Merida Industry Co. Ltd.		28,909
	12,285	Merry Electronics Co. Ltd.		60,133
	36,404	Micro-Star International Co. Ltd.		107,632

Shares			Value
TAIWAN (continued)
	18,036	Mirle Automation Corp.	$	22,989
	9,000	MPI Corp.		18,301
	4,000	Nak Sealing Technologies Corp.		9,225
	10,000	Namchow Holdings Co. Ltd.		16,294
	21,590	Nan Kang Rubber Tire Co. Ltd.		39,434
	26,405	Nantex Industry Co. Ltd.		27,454
	21,000	National Petroleum Co. Ltd.		29,354
	12,426	Nichidenbo Corp.		19,797
	13,000	Nien Hsing Textile Co. Ltd.		9,609
	6,000	Nien Made Enterprise Co. Ltd.		54,500
	16,000	Novatek Microelectronics Corp.		103,021
	46,826	OptoTech Corp.		39,688
	52,000	Orient Semiconductor Electronics Ltd.(a)		28,015
	64,500	Oriental Union Chemical Corp.		46,616
	23,094	Paiho Shih Holdings Corp.		32,660
	32,807	Pan Jit International, Inc.		30,931
	51,000	Pan-International Industrial Corp.		39,372
	4,000	Pharmally International Holding Co. Ltd.(a)		30,289
	6,000	Phison Electronics Corp.		54,697
	6,000	Pixart Imaging, Inc.		23,160
	24,000	Plotech Co. Ltd.		17,030
	145,000	Pou Chen Corp.		194,108
	1,348,200	Powertech Technology, Inc.		4,251,809
	3,242	Poya International Co. Ltd.		44,571
	221,377	President Securities Corp.		95,996
	28,000	Primax Electronics Ltd.		59,789
	202,370	Prince Housing & Development Corp.		74,791
	121,000	Prodisc Technology, Inc.(a),(b)		0
	26,000	Promate Electronic Co. Ltd.		29,040
	9,000	Prosperity Dielectrics Co. Ltd.		17,710
	4,172,520	Qisda Corp.		3,132,080
	7,000	QST International Corp.		15,108
	700	Qualipoly Chemical Corp.		625
	123,309	Quintain Steel Co. Ltd.		26,006
	879,000	Radiant Opto-Electronics Corp.		3,493,996
	105,750	Radium Life Tech Co. Ltd.		42,209
	589,150	Realtek Semiconductor Corp.		4,383,715
	45,771	Rechi Precision Co. Ltd.		35,861
	15,000	Rexon Industrial Corp. Ltd.		40,801
	48,616	Rich Development Co. Ltd.		17,408
	324,600	Ritek Corp.(a)		86,267
	48,000	Roo Hsing Co. Ltd.(a)		18,134
	26,640	Ruentex Development Co. Ltd.		40,694
	38,000	Ruentex Industries Ltd.		91,378
	12,000	Run Long Construction Co. Ltd.		27,004
	60,268	Sampo Corp.		39,201
	27,113	San Fang Chemical Industry Co. Ltd.		21,466
	29,000	San Far Property Ltd.		22,245
	9,600	San Shing Fastech Corp.		16,336
	48,080	Sanyang Motor Co. Ltd.		34,512

Shares			Value
TAIWAN (continued)
	7,000	SCI Pharmtech, Inc.	$	25,640
	8,000	SDI Corp.		16,347
	10,000	Senao International Co. Ltd.		10,052
	21,000	Sercomm Corp.		55,397
	28,007	Sesoda Corp.		23,277
	9,000	Shan-Loong Transportation Co. Ltd.		8,737
	52,087	Shih Wei Navigation Co. Ltd.(a)		14,733
	16,144,352	Shin Kong Financial Holding Co. Ltd.		5,102,041
	11,000	Shin Zu Shing Co. Ltd.		43,725
	37,109	Shining Building Business Co. Ltd.(a)		14,507
	42,000	Shinkong Insurance Co. Ltd.		52,706
	33,000	Shinkong Textile Co. Ltd.		46,345
	5,000	Shiny Chemical Industrial Co. Ltd.		14,980
	62,000	Sigurd Microelectronics Corp.		75,666
	9,200	Simplo Technology Co. Ltd.		84,926
	9,364	Sinbon Electronics Co. Ltd.		37,837
	19,000	Sinher Technology, Inc.		26,277
	10,961	Sino-American Electronic Co. Ltd.(a),(b)		0
	47,000	Sino-American Silicon Products, Inc.		141,739
	83,000	Sinon Corp.		51,397
	11,000	Sinyi Realty, Inc.		11,618
	36,000	Siward Crystal Technology Co. Ltd.		23,653
	99,616	Solar Applied Materials Technology Co.(a)		75,103
	117,000	Southeast Cement Co. Ltd.		65,725
	3,000	St Shine Optical Co. Ltd.		46,960
	15,762	Standard Foods Corp.		31,793
	6,000	Sunny Friend Environmental Technology Co. Ltd.		51,839
	22,000	Sunonwealth Electric Machine Industry Co. Ltd.		27,463
	46,245	Supreme Electronics Co. Ltd.		44,133
	87,965	Sweeten Real Estate Development Co. Ltd.		65,886
	3,750	Syncmold Enterprise Corp.		9,646
	85,550	Synnex Technology International Corp.		102,158
	12,000	Systex Corp.		29,172
	94,088	TA Chen Stainless Pipe Co.		101,690
	70,720	Ta Ya Electric Wire & Cable		24,742
	34,696	TA-I Technology Co. Ltd.		46,162
	4,813,191	Taichung Commercial Bank Co. Ltd.		1,857,887
	4,500	TaiDoc Technology Corp.		18,553
	28,580	Taiflex Scientific Co. Ltd.		40,278
	607,045	Tainan Spinning Co. Ltd.		223,351
	4,322,930	Taishin Financial Holding Co. Ltd.		2,009,476
	421,117	Taiwan Business Bank		177,768
	3,105,990	Taiwan Cement Corp.		4,127,307

Shares			Value
TAIWAN (continued)
	25,000	Taiwan Cogeneration Corp.	$	24,063
	2,000	Taiwan FamilyMart Co. Ltd/Taiwan		14,389
	35,320	Taiwan Fire & Marine Insurance Co. Ltd.		23,844
	24,000	Taiwan FU Hsing Industrial Co. Ltd.		34,375
	159,919	Taiwan Glass Industrial Corp.		60,941
	32,081	Taiwan Hon Chuan Enterprise Co. Ltd.		57,964
	74,324	Taiwan Land Development Corp.(a)		21,120
	471	Taiwan Line Tek Electronic		453
	49,544	Taiwan Navigation Co. Ltd.		30,029
	11,032	Taiwan Paiho Ltd.		28,848
	36,000	Taiwan PCB Techvest Co. Ltd.		43,284
	8,000	Taiwan Sakura Corp.		12,654
	14,408	Taiwan Secom Co. Ltd.		41,226
	16,000	Taiwan Semiconductor Co. Ltd.		26,806
	26,500	Taiwan Styrene Monomer		18,804
	23,875	Taiwan Surface Mounting Technology Corp.		78,040
	51,469	Taiwan TEA Corp.		28,744
	8,000	Taiwan Union Technology Corp.		35,216
	41,000	Tatung Co. Ltd.(a)		24,648
	9,117	TCI Co. Ltd.		100,783
	118,000	Teco Electric and Machinery Co. Ltd.		104,857
	4,400	Tehmag Foods Corp.		32,233
	18,000	Test Research, Inc.		30,157
	11,000	Thinking Electronic Industrial Co. Ltd.		29,632
	56,100	Ton Yi Industrial Corp.		22,392
	8,000	Tong Hsing Electronic Industries Ltd.		35,610
	55,834	Tong Yang Industry Co. Ltd.		87,125
	19,946	Tong-Tai Machine & Tool Co. Ltd.		11,303
	10,376	TOPBI International Holdings Ltd.		34,597
	12,160	Topco Scientific Co. Ltd.		38,748
	5,624	Topco Technologies Corp.		12,730
	6,000	Topkey Corp.		26,215
	33,344	Topoint Technology Co. Ltd.		24,591
	27,000	TPK Holding Co. Ltd.(a)		58,807
	8,137	Transcend Information, Inc.		17,669
	29,000	Tripod Technology Corp.		112,416
	2,200	TSC Auto ID Technology Co. Ltd.		17,996
	25,942	TSRC Corp.		20,666
	6,000	Ttet Union Corp.		24,540
	7,000	TTY Biopharm Co. Ltd.		18,443
	116,315	Tung Ho Steel Enterprise Corp.		82,535
	35,815	TXC Corp.		44,003
	56,000	TYC Brother Industrial Co. Ltd.		55,282
	23,000	U-Ming Marine Transport Corp.		25,576

Shares			Value
TAIWAN (continued)
	3,099,000	Unimicron Technology Corp.	$	4,800,113
	355,952	Union Bank Of Taiwan(a)		124,534
	94,757	Unitech Printed Circuit Board Corp.		103,503
	8,000	United Integrated Services Co. Ltd.		41,655
	13,012,000	United Microelectronics Corp.		5,984,396
	99,997	United Renewable Energy Co. Ltd/Taiwan(a)		27,101
	202,780	Universal Cement Corp.		125,237
	10,162	Universal Microwave Technology, Inc.		31,781
	134,734	UPC Technology Corp.		45,589
	200,297	USI Corp.		88,171
	12,000	Utechzone Co. Ltd.		23,889
	39,000	Vanguard International Semiconductor Corp.		83,533
	39,800	Ve Wong Corp.		35,171
	16,000	Visual Photonics Epitaxy Co. Ltd.		62,811
	3,150	Voltronic Power Technology Corp.		69,849
	19,000	Wafer Works Corp.		21,877
	17,000	Wah Lee Industrial Corp.		30,157
	322,000	Walsin Lihwa Corp.		157,612
	15,000	Walsin Technology Corp.		90,422
	81,000	Walton Advanced Engineering, Inc.		24,587
	60,300	Wan Hai Lines Ltd.		35,954
	39,865	Weikeng Industrial Co. Ltd.		23,573
	11,000	Well Shin Technology Co. Ltd.		17,978
	24,460	Win Semiconductors Corp.		255,524
	464,472	Winbond Electronics Corp.		261,681
	44,673	Wintek Corp.(a),(b)		504
	83,646	Wisdom Marine Lines Co. Ltd.		84,084
	4,565,512	Wistron Corp.		4,191,983
	18,995	Wistron NeWeb Corp.		47,424
	9,000	Wowprime Corp.		22,559
	76,235	WPG Holdings Co. Ltd.		96,670
	49,635	WT Microelectronics Co. Ltd.		56,743
	7,204	Xxentria Technology Materials Corp.		16,187
	7,000	Yageo Corp.		72,206
	366,124	Yang Ming Marine Transport Corp.(a)		91,169
	77,084	YC INOX Co. Ltd.		66,219
	10,907	YeaShin International Development Co. Ltd.		6,073
	110,713	Yem Chio Co. Ltd.		42,553
	12,000	Yeong Guan Energy Technology Group Co. Ltd.(a)		25,703
	179,624	YFY, Inc.		70,515
	125,035	Yieh Phui Enterprise Co. Ltd.		37,420
	13,000	Yonyu Plastics Co. Ltd.		14,648
	23,110	Youngtek Electronics Corp.		31,089
	11,000	Yulon Finance Corp.		40,834

Shares			Value
TAIWAN (continued)
	119,000	Yulon Motor Co. Ltd.	$	76,622
	14,000	Yung Chi Paint & Varnish Manufacturing Co. Ltd.		32,930
	4,000	Zeng Hsing Industrial Co. Ltd.		17,477
	53,000	Zhen Ding Technology Holding Ltd.		252,460
	68,000	Zig Sheng Industrial Co. Ltd.		18,072
	23,000	Zinwell Corp.		16,925
				102,388,308
THAILAND — 0.1%
	4,300	AEON Thana Sinsap Thailand Public Co. Ltd. - FOR		29,051
	47,800	Amata Corp. Public Co. Ltd. - FOR		39,259
	152,500	AP Thailand Public Co. Ltd. - FOR		33,333
	237,900	Asia Plus Group Holdings Public Co. Ltd. - FOR		14,103
	80,900	Bangchak Corp. Public Co. Ltd. - FOR		66,178
	20,425	Bangkok Aviation Fuel Services Public Co. Ltd. - FOR		21,646
	67,100	Bangkok Chain Hospital Public Co. Ltd. - FOR		37,333
	115,200	Bangkok Expressway & Metro Public Co. Ltd. - FOR		41,204
	26,500	Bangkok Insurance Public Co. Ltd. - FOR		270,748
	1,118,900	Bangkok Land Public Co. Ltd. - FOR		50,766
	461,900	Banpu Public Co. Ltd. - FOR		177,448
	131,800	BEC World Public Co. Ltd. - FOR(a)		29,027
	14,300	Bumrungrad Hospital Public Co. Ltd. - FOR		57,067
	691,508	Cal-Comp Electronics Thailand Public Co. Ltd. - FOR		36,871
	17,100	Central Plaza Hotel Public Co. Ltd. - FOR		15,574
	48,222	CH Karnchang Public Co. Ltd. - FOR		32,579
	101,400	Chularat Hospital Public Co. Ltd. - FOR		8,597
	15,700	COL Public Co. Ltd. - FOR		9,723
	19,600	Com7 Public Co. Ltd. - FOR		18,662
	411,800	Country Group Development Public Co. Ltd. - FOR(a)		12,274
	14,300	Delta Electronics Thailand Public Co. Ltd. - FOR		20,838
	49,000	Dhipaya Insurance Public Co. Ltd. - FOR		37,811
	376,500	Dynasty Ceramic Public Co. Ltd. - FOR		24,190
	104,100	Eastern Water Resources Development and Management Public Co. Ltd. - FOR		41,371

Shares			Value
THAILAND (continued)
	113,800	Erawan Group Public Co. Ltd. (The) - FOR	$	20,729
	117,700	Esso Thailand Public Co. Ltd. - FOR		28,650
	14,400	Fabrinet(a)		809,712
	31,100	GFPT Public Co. Ltd. - FOR		14,214
	22,018	Global Power Synergy Public Co. Ltd. - FOR		59,976
	5,000	Haad Thip Public Co. Ltd. - FOR		3,958
	43,900	Hana Microelectronics Public Co. Ltd. - FOR		37,074
	148,800	Ichitan Group Public Co. Ltd. - FOR		33,264
	102,900	Indorama Ventures Public Co. Ltd. - FOR		95,420
	27,675,000	IRPC Public Co. Ltd. - FOR		3,116,244
	5,256,091	Italian-Thai Development Public Co. Ltd. - FOR		288,959
	183,800	Jasmine International Public Co. Ltd. - FOR		38,044
	26,200	KCE Electronics Public Co. Ltd. - FOR		12,755
	178,900	KGI Securities Thailand Public Co. Ltd. - FOR		25,951
	450,966	Khon Kaen Sugar Industry Public Co. Ltd. - FOR		29,123
	18,500	Kiatnakin Bank Public Co. Ltd. - FOR		40,131
	32,400	Krungthai Card Public Co. Ltd. - FOR		44,531
	51,600	Lalin Property Public Co. Ltd. - FOR		8,442
	125,500	Land & Houses Public Co. Ltd. - FOR		40,316
	66,200	Lanna Resources Public Co. Ltd. - FOR		18,526
	260,300	LH Financial Group Public Co. Ltd. - FOR		10,861
	73,000	LPN Development Public Co. Ltd. - FOR		11,363
	51,900	Major Cineplex Group Public Co. Ltd. - FOR		42,283
	158,600	MBK Public Co. Ltd. - FOR		119,232
	54,500	MC Group Public Co. Ltd. - FOR		11,913
	28,500	Mega Lifesciences Public Co. Ltd. - FOR		27,136
	10,500	Minor International Public Co. Ltd. - FOR		12,519
	16,000	MK Restaurants Group Public Co. Ltd. - FOR		41,199
	26,500	Muangthai Capital Public Co. Ltd. - FOR		54,413
	10,000	PCS Machine Group Holding Public Co. Ltd. - FOR		2,004
	82,500	Polyplex Thailand Public Co. Ltd. - FOR		37,432

Shares			Value
THAILAND (continued)
	25,450	Precious Shipping Public Co. Ltd. - FOR(a)	$	7,122
	519,200	Property Perfect Public Co. Ltd. - FOR		13,584
	86,300	Pruksa Holding Public Co. Ltd. - FOR		45,158
	75,400	PTG Energy Public Co. Ltd. - FOR		44,948
	368,831	Quality Houses Public Co. Ltd. - FOR		31,759
	13,400	Ratch Group Public Co. Ltd. - FOR		32,618
	139,968	Ratchthani Leasing Public Co. Ltd. - FOR		29,435
	11,900	Robinson Public Co. Ltd. - FOR		25,715
	159,700	Rojana Industrial Park Public Co. Ltd. - FOR		31,998
	100,000	Samart Telcoms Public Co. Ltd. - FOR		28,647
	486,000	Sansiri Public Co. Ltd. - FOR		18,349
	476,076	SC Asset Corp. Public Co. Ltd. - FOR		36,263
	23,500	Sena Development Public Co. Ltd. - FOR		2,444
	8,420	Siam City Cement Public Co. Ltd. - FOR		60,232
	154,369	Siam Future Development Public Co. Ltd. - FOR		28,374
	38,100	Siam Global House Public Co. Ltd. - FOR		19,179
	60,400	Siamgas & Petrochemicals Public Co. Ltd. - FOR		17,403
	48,100	Somboon Advance Technology Public Co. Ltd. - FOR		25,169
	60,800	SPCG Public Co. Ltd. - FOR		42,084
	62,860	Sri Trang Agro-Industry Public Co. Ltd. - FOR		21,651
	16,462	Srisawad Corp. Public Co. Ltd. - FOR		35,165
	719,500	Star Petroleum Refining Public Co. Ltd. - FOR		212,073
	59,775	Supalai Public Co. Ltd. - FOR		32,070
	564,700	Super Energy Corp. Public Co. Ltd. - FOR(a)		11,221
	101,500	Syntec Construction Public Co. Ltd. - FOR		5,681
	1,547,500	Tata Steel Thailand Public Co. Ltd. - FOR(a)		25,625
	107,200	Thai Airways International Public Co. Ltd. - FOR(a)		26,272
	15,000	Thai Central Chemical Public Co. Ltd. - FOR		10,333
	52,600	Thai Oil Public Co. Ltd. - FOR		119,328
	11,900	Thai Stanley Electric Public Co. Ltd. - FOR		62,072
	128,300	Thai Union Group Public Co. Ltd. - FOR		62,036

Shares			Value
THAILAND (continued)
	51,100	Thai Vegetable Oil Public Co. Ltd. - FOR	$	43,578
	83,300	Thaicom Public Co. Ltd. - FOR(a)		12,194
	122,200	Thaifoods Group Public Co. Ltd. - FOR - Class F		15,622
	95,200	Thanachart Capital Public Co. Ltd. - FOR		167,101
	17,300	Thitikorn Public Co. Ltd. - FOR		5,328
	26,000	Tisco Financial Group Public Co. Ltd. - FOR		83,954
	1,497,800	TMB Bank Public Co. Ltd. - FOR		71,430
	165,000	TMT Steel Public Co. Ltd. - FOR		22,295
	42,800	Total Access Communication Public Co. Ltd. - FOR		87,882
	70,100	TPI Polene Power Public Co. Ltd. - FOR		10,447
	390,200	TPI Polene Public Co. Ltd. - FOR		17,187
	71,300	Unique Engineering & Construction Public Co. Ltd. - FOR		20,780
	145,000	Univentures Public Co. Ltd. - FOR		25,931
	91,900	Vanachai Group Public Co. Ltd. - FOR		13,818
	85,400	Vibhavadi Medical Center Public Co. Ltd. - FOR		5,261
	46,300	Vinythai Public Co. Ltd. - FOR		35,881
	244,400	WHA Corp. Public Co. Ltd. - FOR		37,880
	36,500	Workpoint Entertainment Public Co. Ltd. - FOR		23,330
				8,125,934
TURKEY — 0.4%
	1	Akbank T.A.S.(a)		1
	8,854	Akcansa Cimento AS		10,516
	7,460	Aksa Akrilik Kimya Sanayii AS		13,400
	13,561	Anadolu Anonim Turk Sigorta Sirketi		9,914
	22,924	Anadolu Cam Sanayii AS		13,432
	7,164	Anadolu Efes Biracilik Ve Malt Sanayii AS		24,096
	1,332,894	Arcelik AS(a)		4,131,161
	15,974	Cimsa Cimento Sanayi VE Ticaret AS(a)		22,240
	9,433	Coca-Cola Icecek AS		51,543
	2,824,425	Dogan Sirketler Grubu Holding AS		854,651
	7,365,984	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,558,938
	1,455,201	Haci Omer Sabanci Holding AS		2,104,948
	11,895	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A		4,452

Shares			Value
TURKEY (continued)
	65,059	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D	$	24,580
	1,171,005	KOC Holding AS		3,836,272
	15,694	Kordsa Teknik Tekstil AS		32,172
	2,624	Koza Altin Isletmeleri AS(a)		32,265
	948	Otokar Otomotiv Ve Savunma Sanayi AS		23,297
	10,253	Pegasus Hava Tasimaciligi AS(a)		118,450
	4,661,434	Petkim Petrokimya Holding AS(a)		2,804,728
	16,564	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		10,691
	24,259	Selcuk Ecza Deposu Ticaret ve Sanayi AS		24,738
	3,332,966	Soda Sanayii AS		3,194,657
	23,218	TAV Havalimanlari Holding AS		105,912
	7,867	Tekfen Holding AS		23,323
	7,135	Tofas Turk Otomobil Fabrikasi AS		27,930
	45,244	Trakya Cam Sanayii AS		23,266
	146,891	Tupras Turkiye Petrol Rafinerileri AS		3,198,728
	1,320,318	Turkcell Iletisim Hizmetleri AS		2,902,864
	49,798	Turkiye Halk Bankasi AS(a)		45,641
	137,554	Turkiye Sinai Kalkinma Bankasi AS(a)		21,654
	5,837	Turkiye Sise ve Cam Fabrikalari AS		4,441
	128,611	Turkiye Vakiflar Bankasi TAO - Class D(a)		97,629
	7,755	Ulker Biskuvi Sanayi AS(a)		24,944
	9,082	Vestel Elektonik Sanayi ve Ticaret AS(a)		16,187
				25,393,661
UKRAINE — 0.0%
	4,290	Kernel Holding SA		47,721
UNITED ARAB EMIRATES — 0.0%
	3,309,104	Dana Gas PJSC		825,305
	20,000	Gulf Marine Services Plc(a)		2,137
	29,465	Lamprell Plc(a)		16,794
	833	NMC Health Plc		23,555
				867,791
UNITED KINGDOM — 4.2%
	22,291	4imprint Group Plc		857,579
	2,179	A.G. Barr Plc		15,665
	673,862	Adaptimmune Therapeutics Plc - ADR(a)		592,931
	2,138	Admiral Group Plc		55,999
	129,757	Afren Plc(a),(b)		0
	209,630	Aggreko Plc		2,147,378
	61,715	Amerisur Resources Plc(a)		15,253
	3,987	Anglo-Eastern Plantations Plc		23,757
	449	Aptitude Software Group Plc		3,490

Shares			Value
UNITED KINGDOM (continued)
	16,782	Arrow Global Group Plc	$	51,694
	2,450	Ascential Plc		11,082
	181,967	Ashmore Group Plc		1,097,473
	91,142	ASOS Plc(a)		4,167,557
	405,029	Assura Plc REIT		392,443
	20,958	Augean Plc(a)		43,437
	17,569	Auto Trader Group Plc		127,946
	986	AVEVA Group Plc		53,413
	1,724	Avon Rubber Plc		39,661
	17,779	B&M European Value Retail SA		85,280
	16,815	Babcock International Group Plc		120,669
	13,514	Balfour Beatty Plc		39,457
	43,468	BBA Aviation Plc		170,946
	6,938	BCA Marketplace Plc(a)		21,210
	3,432	Beazley Plc		26,074
	19,160	Bellway Plc		784,280
	5,393	Berkeley Group Holdings Plc		307,447
	11,689	Biffa Plc		38,611
	2,745	Big Yellow Group Plc REIT		40,607
	26,873	Bloomsbury Publishing Plc		87,025
	30,075	Bodycote Plc		278,938
	23,328	boohoo Group Plc(a)		79,776
	258,735	Bovis Homes Group Plc		3,921,294
	5,261	Braemar Shipping Services Plc		13,630
	13,488	Brewin Dolphin Holdings Plc		58,076
	21,078	British Land Co. Plc (The), REIT		169,445
	110,784	Britvic Plc		1,416,389
	29,474	Cairn Energy Plc(a)		67,883
	54,727	Capita Plc(a)		110,661
	4,977	Capital & Counties Properties Plc		16,440
	12,180	Capital & Regional Plc REIT		4,118
	23,025	Carclo Plc(a),(b)		3,191
	12,375	Card Factory Plc		27,155
	3,919	CareTech Holdings Plc		20,154
	87,391	Carillion Plc(a),(b)		0
	7,149	Central Asia Metals Plc		19,447
	446,419	Centrica Plc		419,593
	12,500	Checkit Plc(a)		9,067
	33,252	Chemring Group Plc		86,577
	29,929	Chesnara Plc		100,605
	69,985	Cineworld Group Plc		201,889
	3,546	City of London Investment Group Plc		19,522
	852	Clarkson Plc		31,123
	23,662	Close Brothers Group Plc		423,899
	7,207	CLS Holdings Plc		23,666
	14,367	CMC Markets Plc		24,193
	19,996	Coats Group Plc		18,468
	124,115	Cobham Plc		253,699
	8,638	Codemasters Group Holdings Plc(a)		25,456
	65,383	Computacenter Plc		1,159,462
	48,594	Concentric AB		649,215

Shares			Value
UNITED KINGDOM (continued)
	3,247	Consort Medical Plc	$	30,704
	21,175	ConvaTec Group Plc		54,076
	8,952	Countryside Properties Plc		40,957
	847	Cranswick Plc		34,056
	12,430	Crest Nicholson Holdings plc		62,537
	14,053	CVS Group Plc		176,120
	61,282	D4t4 Solutions Plc		187,738
	3,863	Daily Mail & General Trust Plc - Class A		43,885
	204,484	Dart Group Plc		3,350,720
	1,000	Derwent London Plc REIT		45,985
	24,646	Devro Plc		51,080
	56,242	DFS Furniture Plc		170,477
	296,337	Dialog Semiconductor Plc(a)		13,289,588
	1,741	Dignity Plc		12,505
	3,373	Diploma Plc		69,864
	252,624	Direct Line Insurance Group Plc		890,413
	6,699	DiscoverIE Group Plc		39,396
	28,091	Dixons Carphone Plc		47,759
	13,351	Domino’s Pizza Group Plc		49,444
	2,526,311	Drax Group Plc		9,712,679
	94,693	DS Smith Plc		438,635
	89,846	Dunelm Group Plc		918,839
	7,611	easyJet Plc		122,054
	86,022	EI Group Plc(a)		313,784
	28,270	EKF Diagnostics Holdings Plc(a)		12,414
	7,294	Eland Oil & Gas Plc		15,533
	6,210	Electrocomponents Plc		54,716
	41,307	Elementis Plc		79,565
	111,761	EMIS Group Plc		1,557,725
	202,590	EnQuest Plc(a)		46,712
	9,857	Equiniti Group Plc		27,477
	6,355	Ergomed Plc(a)		26,507
	11,331	Essentra Plc		55,981
	1,360	Euromoney Institutional Investor Plc		24,875
	107,602	FDM Group Holdings Plc		1,007,736
	2,814	Fevertree Drinks Plc		67,799
	745,331	Firstgroup Plc(a)		1,246,418
	3,059	Fuller Smith & Turner Plc - Class A		41,210
	5,473	Future Plc		107,335
	31,752	G4S Plc		85,057
	5,154	Galliford Try Plc		48,937
	8,131	Games Workshop Group Plc		470,804
	10,000	GAN Plc(a)		15,803
	15,652	Gem Diamonds Ltd.(a)		12,652
	9,045	Genel Energy Plc		22,355
	202,546	Genus Plc		7,592,950
	114,393	Go-Ahead Group Plc (The)		3,028,787
	320	Goodwin Plc		13,555
	16,097	Grainger Trust Plc		53,546
	73,483	Great Portland Estates Plc, REIT		749,689
	403,009	Greggs Plc		9,271,415

Shares			Value
UNITED KINGDOM (continued)
	509,289	Gulf Keystone Petroleum Ltd.	$	1,352,404
	4,128	H&T Group Plc		20,239
	279,888	Halfords Group Plc		574,285
	19,010	Hammerson Plc REIT		71,412
	23,294	Hastings Group Holdings Plc		54,917
	369,175	Hays Plc		751,271
	84,186	Headlam Group Plc		525,624
	3,903	Helical Plc		19,793
	14,425	Henry Boot Plc		46,714
	2,763	Hill & Smith Holdings Plc		46,886
	1,774	Hilton Food Group Plc		23,347
	34,354	Hollywood Bowl Group Plc		105,911
	7,188	HomeServe Plc		107,915
	8,086	Howden Joinery Group Plc		60,478
	9,063	Hunting Plc		46,137
	34,584	Huntsworth Plc		40,319
	22,112	Ibstock Plc		69,258
	31,204	IDOX Plc(a)		13,884
	237,195	IG Group Holdings Plc		1,952,275
	6,461	IMI Plc		83,944
	307,630	Inchcape Plc		2,570,258
	273,622	Indivior Plc(a)		138,585
	57,563	Inmarsat Plc		410,254
	436,470	IntegraFin Holdings Plc		2,086,263
	330,183	International Personal Finance Plc		568,846
	19,507	Intu Properties Plc REIT(a)		11,371
	2,973	iomart Group Plc		14,191
	60,335	ITE Group Plc		60,727
	73,709	ITV Plc		127,703
	172,421	J D Wetherspoon Plc		3,267,554
	51,066	J Sainsbury Plc		134,612
	9,469	James Fisher & Sons Plc		238,445
	533,908	JD Sports Fashion Plc		5,314,252
	15,332	John Laing Group Plc		72,490
	3,257	John Menzies Plc		17,150
	15,410	John Wood Group Plc		67,529
	3,082	Johnson Matthey Plc		122,563
	108,776	Johnson Service Group Plc		250,526
	2,073	JPJ Group Plc(a)		21,670
	62,467	JRP Group Plc(a)		49,157
	2,755	Judges Scientific Plc		157,023
	12,394	Jupiter Fund Management Plc		55,003
	4,632	Just Eat Plc(a)		44,101
	113,230	Kainos Group Plc		745,098
	3,005	KAZ Minerals Plc		18,272
	7,187	Keller Group Plc		48,504
	57,908	Kingfisher Plc		155,423
	4,256	Lancashire Holdings Ltd.		39,225
	12,526	Land Securities Group Plc, REIT		152,521
	12,938	Liontrust Asset Management Plc		136,421
	22,000	LivaNova Plc(a)		1,556,060
	19,397	LondonMetric Property Plc REIT		58,242
	217,373	Lookers Plc		139,661

Shares			Value
UNITED KINGDOM (continued)
	18,531	LSL Property Services Plc	$	57,490
	9,348	Macfarlane Group Plc		12,103
	301,843	Man Group Plc - Jersey		561,076
	13,386	Marks & Spencer Group Plc		31,471
	136,397	Marshalls Plc		1,257,095
	1,195,180	Marston’s Plc		1,908,907
	362,034	Mcbride Plc(a),(b)		469
	20,113	McBride Plc		18,459
	26,522	McCarthy & Stone Plc		50,331
	13,005	Mears Group Plc		42,957
	39,152	Meggitt Plc		316,669
	91,682	Merlin Entertainments Plc(a)		539,767
	5,800	Metro Bank Plc(a)		15,236
	20,143	Micro Focus International Plc		276,578
	5,104	Mitchells & Butlers Plc(a)		28,165
	46,363	Mitie Group Plc		95,129
	7,403	MJ Gleeson Plc		76,716
	340,078	Moneysupermarket.com Group Plc		1,511,428
	19,952	Morgan Advanced Materials Plc		60,891
	7,965	Morgan Sindall Group Plc		132,064
	1,709	Mortgage Advice Bureau Holdings Ltd.		13,083
	6,132	Motorpoint group Plc		19,540
	13,475	N Brown Group Plc		21,854
	7,073	NAHL Group plc		10,811
	744,743	National Express Group Plc		4,306,445
	30,454	NCC Group Plc		73,927
	2,390	Next Fifteen Communications Group Plc		15,402
	18,711	Non-Standard Finance Plc		8,689
	5,548	Norcros Plc		16,960
	50,403	Northgate Plc		224,923
	8,620	Numis Corp. Plc		25,682
	2,830,105	Ocado Group Plc(a)		48,720,962
	3,866	On the Beach Group Plc		22,445
	250,208	OneSavings Bank Plc		1,166,788
	18,047	Oxford Instruments Plc		302,502
	55,394	Oxford Metrics Plc		63,144
	54,713	Pagegroup Plc		315,525
	87,634	Paragon Banking Group Plc		571,558
	5,827	Patisserie Holdings Plc(a),(b)		0
	25,508	PayPoint Plc		302,003
	21,209	Pearson Plc		187,422
	4,424	Pennon Group Plc		51,473
	8,421	Petrofac Ltd.		41,920
	423,558	Pets at Home Group Plc		1,131,331
	28,264	Pharos Energy Plc		21,381
	214,720	Phoenix Group Holdings Plc		1,958,650
	27,285	Polar Capital Holdings Plc		178,132
	10,810	Polypipe Group plc		63,433
	1,318	Porvair Plc		10,244
	76,105	Premier Foods Plc(a)		31,842
	51,449	Premier Oil Plc(a)		55,115
	7,500	Provident Financial Plc		42,756
	20,721	PZ Cussons Plc		54,085

Shares			Value
UNITED KINGDOM (continued)
	13,856	QinetiQ Group Plc	$	56,573
	72,175	Quilter Plc		127,991
	63,595	Rank Group Plc		200,590
	173,858	Reach Plc		221,604
	75,746	Redde Plc		109,892
	601,494	Redrow Plc		4,690,467
	3,544	Renew Holdings Plc		17,583
	21,378	Renewi Plc		8,169
	113,503	Renishaw Plc		5,569,364
	51,232	Renold Plc(a)		15,264
	6,327,066	Rentokil Initial Plc		37,249,854
	6,636	Ricardo Plc		55,014
	1,457,879	Rightmove Plc		11,304,374
	12,337	RM Plc		46,344
	28,123	Robert Walters Plc		193,075
	10,584	Rotork Plc		41,322
	460,400	Royal Mail Plc		1,261,942
	178,794	RPS Group Plc		327,948
	21,902	RSA Insurance Group Plc		148,152
	70,960	Safestore Holdings Plc REIT		643,888
	140,447	Saga Plc		85,361
	18,482	Savills Plc		219,656
	8,973	Scapa Group Plc		25,920
	43,704	SDL Plc		300,044
	10,897	Senior Plc		26,071
	1,228,451	Serco Group Plc(a)		2,482,394
	58,311	Severfield Plc		58,161
	1,966	Severn Trent Plc		57,427
	2,788	Shaftesbury Plc REIT		34,128
	20,193	Shield Therapeutics Plc(a)		47,737
	9,238	Shoe Zone Plc		15,317
	18,626	SIG Plc		27,167
	89,090	Smith & Nephew Plc		1,907,035
	5,851	Smiths Group Plc		122,289
	76,799	Softcat Plc		935,627
	5,099	Sophos Group Plc		37,503
	1,315	Spectris Plc		40,745
	169,796	Speedy Hire Plc		118,331
	2,204	Spirax-Sarco Engineering Plc		226,256
	5,903	Spire Healthcare Group Plc		8,931
	516,584	Spirent Communications Plc		1,330,288
	10,572	Sports Direct International Plc(a)		42,316
	405,708	SSP Group Plc		3,347,660
	16,739	St. James’s Place Plc		225,719
	158,468	St. Modwen Properties Plc		925,777
	1,224,119	Stagecoach Group Plc		2,177,121
	15,711	Standard Life Aberdeen Plc		61,766
	76,700	SThree Plc		283,655
	12,864	Stock Spirits Group Plc		34,160
	5,222	Stolt-Nielsen Ltd.		64,394
	10,432	Subsea 7 SA		97,557
	2,724	Superdry Plc		14,432
	21,164	Synthomer Plc		76,487
	15,592	TalkTalk Telecom Group Plc		22,540
	827,343	Tate & Lyle Plc		7,212,552

Shares			Value
UNITED KINGDOM (continued)
	400,737	Taylor Wimpey Plc	$	859,104
	1,720	Telecom Plus Plc		26,781
	698	TEN Entertainment Group Plc		2,319
	6,206	Topps Tiles Plc		6,053
	10,910	TORM Plc(a)		104,071
	365,751	TP ICAP Plc		1,624,581
	9,138	Travis Perkins Plc		169,623
	16,317	Trifast Plc		34,135
	19,598	TT Electronics plc		58,896
	216,339	Tullow Oil Plc		577,005
	4,704	Tyman Plc		12,948
	6,494	U & I Group Plc		11,642
	44,988	Ultra Electronics Holdings Plc		1,136,370
	2,690	UNITE Group Plc (The)		39,208
	5,216	United Utilities Group Plc		58,796
	2,718	Urban & Civic Plc		11,619
	241,382	Vectura Group Plc		275,779
	60,862	Vertu Motors Plc		32,560
	10,192	Vesuvius Plc		52,730
	155,712	Victrex Plc		4,429,378
	7,903	Vitec Group Plc (The)		128,477
	4,910	Volution Group Plc		12,689
	1,472	Vp Plc		16,284
	8,673	Watkin Jones Plc		26,401
	5,172	Weir Group Plc (The)		90,210
	1,683	WH Smith Plc		47,700
	2,472	Whitbread Plc		130,038
	39,121	William Hill Plc		100,135
	15,003	Wilmington Plc		42,950
	8,308	Wincanton Plc		26,851
	142,645	Wm Morrison Supermarkets Plc		367,427
	15,974	YouGov Plc		111,530
	244	Young & Co’s Brewery Plc - Class A		5,033
				264,413,241
UNITED STATES — 52.7%
	87,200	1-800-FLOWERS.COM, Inc. - Class A(a)		1,243,472
	8,700	1st Constitution Bancorp		165,213
	44,200	1st Source Corp.		2,262,156
	109,800	ACI Worldwide, Inc.(a)		3,446,622
	15,700	ACNB Corp.		555,623
	30,300	Addus HomeCare Corp.(a)		2,551,563
	730,318	Aduro Biotech, Inc.(a)		832,563
	339,197	Advance Auto Parts, Inc.		55,112,729
	124,400	Advanced Disposal Services, Inc.(a)		4,077,832
	15,300	Advanced Drainage Systems, Inc.		566,406
	44,900	Aerojet Rocketdyne Holdings, Inc.(a)		1,941,027
	131,745	AeroVironment, Inc.(a)		7,638,575
	91,000	AG Mortgage Investment Trust, Inc. REIT		1,423,240
	70,700	Agilysys, Inc.(a)		1,780,933

Shares			Value
UNITED STATES (continued)
	16,789	Alacer Gold Corp.(a)	$	83,110
	5,408	Alexander’s, Inc. REIT		1,867,923
	4,900	Alico, Inc.		160,965
	62,000	ALLETE, Inc.		5,335,720
	291,049	Alnylam Pharmaceuticals, Inc.(a)		25,245,590
	585,000	Altra Industrial Motion Corp.		18,018,000
	71,526	Ambarella, Inc.(a)		3,764,413
	90,200	American Assets Trust, Inc., REIT		4,416,192
	7,500	American National Bankshares, Inc.		271,499
	104,100	American Software, Inc. - Class A		1,687,461
	62,100	American States Water Co.		5,907,573
	19,300	America’s Car-Mart, Inc.(a)		1,756,107
	50,500	AMERISAFE, Inc.		3,208,265
	105,700	Amphastar Pharmaceuticals Inc.(a)		2,041,596
	111,100	AngioDynamics, Inc.(a)		1,699,830
	23,800	ANI Pharmaceuticals, Inc.(a)		1,859,018
	95,966	Annaly Capital Management, Inc. REIT		861,775
	232,522	ANSYS, Inc.(a)		51,189,718
	55,300	Anworth Mortgage Asset Corp., REIT		189,125
	842,800	AO Smith Corp.		41,870,304
	132,864	Apergy Corp.(a)		3,344,187
	175,925	Apollo Commercial Real Estate Finance, Inc. REIT		3,219,428
	26,400	Apollo Medical Holdings, Inc.(a)		395,207
	4,200	Appfolio, Inc. - Class A(a)		408,365
	170,413	Appian Corp.(a)		7,607,236
	30,200	Applied Industrial Technologies, Inc.		1,807,168
	348,412	AptarGroup, Inc.		41,164,878
	30,600	Arch Coal, Inc. - Class A		2,414,034
	93,500	Ares Commercial Real Estate Corp. REIT		1,449,250
	19,200	Argonaut Gold, Inc.(a)		31,342
	164,900	Armada Hoffler Properties, Inc. REIT		3,090,226
	23,338	Arrow Financial Corp.		819,631
	18,400	Artesian Resources Corp. - Class A		682,640
	45,500	Asbury Automotive Group, Inc.(a)		4,692,415
	13,500	Aspen Technology, Inc.(a)		1,553,985
	14,500	ATN International Inc.		858,835
	313,430	AtriCure, Inc.(a)		8,334,104
	10,174	Atrion Corp.		8,581,057
	610,000	Avanos Medical, Inc.(a)		26,864,400
	538,118	Axalta Coating Systems Ltd.(a)		15,869,100
	215,200	Axogen, Inc.(a)		2,676,012
	109,192	Axon Enterprise, Inc.(a)		5,582,987
	675,000	B&G Foods, Inc.		10,496,250

Shares			Value
UNITED STATES (continued)
	50,400	Balchem Corp.	$	5,100,984
	33,000	BancFirst Corp.		1,910,370
	27,000	Bank of Commerce Holdings		302,939
	13,300	Bank of Marin Bancorp		583,471
	51,800	BankFinancial Corp.		667,184
	7,300	Banner Corp.		394,053
	365,000	Barnes Group, Inc.		21,334,250
	23,700	Barrett Business Services, Inc.		2,079,201
	33,400	BCB Bancorp, Inc.		430,859
	105,500	Benchmark Electronics, Inc.		3,576,450
	169,971	Benefitfocus, Inc.(a)		3,864,291
	30,100	BG Staffing, Inc.		575,813
	210,100	BioDelivery Sciences International, Inc.(a)		1,214,378
	5,665	Bizlink Holding, Inc.		38,616
	69,700	Black Hills Corp.		5,494,451
	257,200	Blackbaud, Inc.		21,591,940
	471,795	Blackline, Inc.(a)		22,051,698
	229,100	Bloomin’ Brands, Inc.		4,538,471
	85,300	Bluerock Residential Growth REIT, Inc.		1,025,306
	71,500	BMC Stock Holdings, Inc.(a)		1,929,785
	30,900	Boston Beer Co., Inc. (The) - Class A(a)		11,570,814
	95,000	Brinker International, Inc.		4,222,750
	38,500	Brookline Bancorp, Inc.		604,450
	7,500	BRT Apartments Corp. REIT		125,249
	215,000	Bryn Mawr Bank Corp.		8,193,650
	4,054	Burford Capital Ltd.		46,186
	150,700	Burlington Stores, Inc.(a)		28,960,019
	52,100	Byline Bancorp, Inc.(a)		903,414
	5,440	C&F Financial Corp.		276,678
	161,930	Cabot Microelectronics Corp.		24,470,862
	4,000	CACI International, Inc. - Class A(a)		895,000
	9,500	Calavo Growers, Inc.		823,935
	8,700	Cambridge Bancorp		674,337
	41,800	Camden National Corp.		1,852,158
	225,000	Cantel Medical Corp.		16,400,250
	20,200	Capital City Bank Group, Inc.		574,690
	14,100	Capstar Financial Holdings, Inc.		238,431
	91,100	Capstead Mortgage Corp. REIT		704,203
	436,860	Cardiovascular Systems, Inc.(a)		19,449,007
	60,300	Carriage Services, Inc.		1,553,328
	50,500	Carter Bank & Trust(a)		992,325
	44,200	Casella Waste Systems, Inc. - Class A(a)		1,926,678
	46,320	Cass Information Systems, Inc.		2,654,599
	360,000	Catalent, Inc.(a)		17,514,000
	6,100	Cato Corp. (The) - Class A		106,689
	145,900	CBIZ, Inc.(a)		3,993,283
	319,200	CDW Corp.		40,828,872
	10,400	Central Garden & Pet Co.(a)		312,207
	84,400	Central Garden & Pet Co. - Class A(a)		2,386,832

Shares			Value
UNITED STATES (continued)
	20,900	Central Valley Community Bancorp	$	435,347
	9,000	Century Bancorp, Inc. - Class A		783,090
	85,034	CEVA, Inc.(a)		2,314,625
	106,200	ChannelAdvisor Corp.(a)		999,342
	55,100	Chase Corp.		6,454,965
	114,300	Chatham Lodging Trust REIT		2,063,115
	198,757	Cheesecake Factory, Inc. (The)		8,306,055
	432,109	Chegg, Inc.(a)		13,248,462
	6,200	Chemed Corp.		2,442,242
	13,200	Chemung Financial Corp.		561,924
	11,500	Cherry Hill Mortgage Investment Corp. REIT		155,479
	44,700	Chesapeake Utilities Corp.		4,237,560
	55,100	Chuy’s Holdings, Inc.(a)		1,342,787
	2,100	Citizens & Northern Corp.		53,991
	14,000	City Holding Co.		1,110,760
	22,100	CNB Financial Corp.		691,067
	8,400	Coastal Financial Corp.(a)		126,419
	12,300	Coca-Cola Consolidated, Inc.		3,374,628
	635,690	Codexis, Inc.(a)		8,594,529
	76,800	Cogent Communications Holdings, Inc.		4,503,552
	9,200	Collectors Universe, Inc.		263,671
	53,300	Collegium Pharmaceutical, Inc.(a)		639,600
	210,000	Community Bank System, Inc.		14,233,800
	44,700	Community Trust Bancorp, Inc.		1,958,307
	52,500	Computer Programs & Systems, Inc.		1,211,175
	352,400	CONMED Corp.		38,771,048
	13,700	Consolidated-Tomoka Land Co.		876,389
	200,994	Cooper Cos., Inc. (The)		58,489,254
	731,915	CoreLogic, Inc.(a)		29,635,238
	88,300	Core-Mark Holding Co., Inc.		2,694,916
	45,400	Corenergy Infrastructure Trust, Inc. REIT		2,186,918
	83,600	Cornerstone OnDemand, Inc.(a)		4,896,452
	27,100	CorVel Corp.(a)		2,144,152
	4,717	Cott Corp.		60,596
	186,300	Covanta Holding Corp.		2,690,172
	12,900	CRA International, Inc.		635,325
	59,073	Cracker Barrel Old Country Store, Inc.		9,185,852
	37,500	Crawford & Co. - Class A		397,125
	102,700	CryoLife, Inc.(a)		2,305,615
	86,700	CSG Systems International, Inc.		4,997,388
	107,675	CSW Industrials, Inc.		7,453,264
	9,800	CTS Corp.		261,463
	25,500	Culp, Inc.		394,485
	525,000	CVB Financial Corp.		10,909,500
	23,400	CVR Energy, Inc.		1,109,628
	43,611	Darden Restaurants, Inc.		4,896,207
	116,200	Darling Ingredients, Inc.(a)		2,242,660
	25,900	Dave & Buster’s Entertainment, Inc.		1,030,302

Shares			Value
UNITED STATES (continued)
	113,400	Del Taco Restaurants, Inc.(a)	$	865,809
	201,863	Denny’s Corp.(a)		4,061,484
	104,499	DexCom, Inc.(a)		16,117,926
	163,678	Digimarc Corp.(a)		5,826,937
	29,200	Donegal Group, Inc. - Class A		429,823
	478,520	Dover Corp.		49,713,443
	38,500	Ducommun, Inc.(a)		1,908,830
	84,466	Dynex Capital, Inc., REIT		1,364,971
	6,000	Eastern Co. (The)		165,539
	26,900	EastGroup Properties, Inc. REIT		3,603,255
	79,000	El Pollo Loco Holdings, Inc.(a)		917,980
	750,000	elf Beauty, Inc.(a)		12,600,000
	26,100	EMCOR Group, Inc.		2,289,231
	81,900	Employers Holdings, Inc.		3,467,646
	27,100	Encompass Health Corp.		1,734,942
	55,200	Ennis, Inc.		1,081,368
	80,500	Ensign Group, Inc. (The)		3,401,125
	3,800	Enterprise Bancorp, Inc.		113,277
	28,200	Enterprise Financial Services Corp.		1,235,160
	235,000	Envestnet, Inc.(a)		14,685,150
	7,200	EPAM Systems, Inc.(a)		1,266,912
	8,785	Epsilon Energy Ltd.(a)		29,342
	263,908	Equifax, Inc.		36,078,863
	103,680	Equity Commonwealth REIT		3,336,422
	9,800	ESSA Bancorp, Inc.		160,229
	107,700	Essent Group Ltd.		5,610,093
	3,900	Evans Bancorp, Inc.		148,161
	68,100	Evo Payments, Inc. - Class A(a)		1,936,083
	201,240	Evolent Health, Inc. - Class A(a)		1,533,449
	362,645	Evoqua Water Technologies Corp.(a)		6,299,144
	123,257	Exact Sciences Corp.(a)		10,723,359
	69,300	Exantas Capital Corp. REIT		814,968
	8,500	ExlService Holdings, Inc.(a)		591,855
	50,300	Exponent, Inc.		3,195,559
	9,400	Fair Isaac Corp.(a)		2,857,976
	41,900	Farmers National Banc Corp.		625,148
	89,147	FARO Technologies, Inc.(a)		4,250,529
	6,000	Federal Agricultural Mortgage Corp. - Class C		508,139
	71,500	Fiesta Restaurant Group, Inc.(a)		614,543
	47,700	Financial Institutions, Inc.		1,499,211
	80,700	First Bancorp. - Southern Pines NC		3,046,425
	31,700	First Bancshares, Inc. (The)		1,044,832
	97,100	First Busey Corp.		2,560,527
	20,400	First Business Financial Services, Inc.		496,127
	5,900	First Capital, Inc.		346,329
	4,400	First Citizens BancShares, Inc. - Class A		2,164,448
	28,200	First Community Bancshares, Inc.		897,606
	59,100	First Defiance Financial Corp.		1,827,372

Shares			Value
UNITED STATES (continued)
	24,400	First Financial Corp.	$	1,070,428
	20,900	First Interstate BancSystem, Inc. - Class A		876,964
	11,600	First Mid Bancshares, Inc.		404,839
	95,700	First Solar, Inc.(a)		4,956,303
	15,700	Flagstar Bancorp, Inc.		570,538
	19,500	Forrester Research, Inc.		672,360
	10,000	Franklin Covey Co.(a)		381,999
	1,700	Franklin Financial Services Corp.		60,843
	74,800	Fresh Del Monte Produce, Inc.		2,386,120
	280,000	Freshpet, Inc.(a)		14,632,800
	10,700	FS Bancorp, Inc.		612,575
	52,300	FTI Consulting, Inc.(a)		5,693,901
	10,000	GCS Holdings, Inc.		22,963
	250,000	German American Bancorp, Inc.		8,262,500
	94,800	Getty Realty Corp. REIT		3,179,592
	103,300	Gladstone Commercial Corp. REIT		2,433,748
	77,500	Global Net Lease, Inc. REIT		1,509,700
	84,500	Globus Medical, Inc. - Class A(a)		4,425,265
	20,700	Great Ajax Corp. REIT		323,955
	198,100	Great Lakes Dredge & Dock Corp.(a)		2,129,575
	33,800	Great Southern Bancorp, Inc.		2,042,196
	7,000	Group 1 Automotive, Inc.		696,080
	209,412	GrubHub, Inc.(a)		7,132,573
	21,900	Guaranty Bancshares, Inc.		693,354
	164,951	H&R Block, Inc.		4,122,125
	92,200	Hackett Group, Inc. (The)		1,559,102
	43,100	Haemonetics Corp.(a)		5,203,463
	51,700	Hallmark Financial Services, Inc.(a)		921,294
	17,000	Hancock Whitney Corp.		663,000
	64,400	Haverty Furniture Cos., Inc.		1,168,216
	34,500	Hawkins, Inc.		1,474,875
	2,900	Hawthorn Bancshares, Inc.		69,599
	335,000	HB Fuller Co.		16,348,000
	16,400	HCI Group, Inc.		689,620
	79,500	HealthStream, Inc.(a)		2,230,770
	60,100	Heidrick & Struggles International, Inc.		1,710,446
	80,800	Helen of Troy Ltd.(a)		12,100,608
	34,700	Hemisphere Media Group, Inc.(a)		447,977
	93,900	Heritage Insurance Holdings, Inc.		1,250,748
	20,500	Heritage-Crystal Clean, Inc.(a)		544,070
	6,800	Heska Corp.(a)		550,936
	20,200	Home Bancorp, Inc.		770,832
	47,400	HomeStreet, Inc.(a)		1,422,474
	32,900	HomeTrust Bancshares, Inc.		878,430
	2,210,100	Hostess Brands, Inc.(a)		28,245,078
	5,900	Hurco Cos., Inc.		205,261

Shares			Value
UNITED STATES (continued)
	61,800	Huron Consulting Group, Inc.(a)	$	4,087,452
	4,500	I3 Verticals, Inc. - Class A(a)		92,025
	1,277,555	IAA, Inc.(a)		48,738,723
	16,900	IBERIABANK Corp.		1,240,291
	44,500	ICF International, Inc.		3,813,205
	36,400	IDACORP, Inc.		3,917,368
	217,530	IDEX Corp.		33,832,441
	21,200	IES Holdings, Inc.(a)		411,279
	250,000	Independent Bank Corp.		20,520,000
	78,700	Independent Bank Corp.		1,771,537
	17,000	Ingles Markets, Inc. - Class A		670,310
	330,109	Ingredion, Inc.		26,078,611
	150,000	Innospec, Inc.		13,704,000
	165,800	Inovalon Holdings, Inc. - Class A(a)		2,591,454
	74,000	Insight Enterprises, Inc.(a)		4,542,120
	115,000	Inspire Medical Systems, Inc.(a)		7,012,700
	52,200	Integer Holdings Corp.(a)		4,042,368
	560,005	Integra LifeScience Holdings Corp.(a)		32,513,890
	6,100	Inter Parfums, Inc.		472,323
	47,700	International Money Express, Inc.(a)		730,764
	132,900	Invesco Mortgage Capital, Inc. REIT		2,091,846
	37,900	Investors Real Estate Trust REIT		2,867,893
	1,600	Investors Title Co.		242,719
	58,509	IPG Photonics Corp.(a)		7,856,589
	116,929	iRobot Corp.(a)		5,619,608
	56,500	J & J Snack Foods Corp.		10,777,940
	24,400	J Alexander’s Holdings, Inc.(a)		235,459
	88,011	j2 Global, Inc.		8,357,525
	119,241	Jack in the Box, Inc.		10,018,629
	28,900	John B. Sanfilippo & Son, Inc.		3,066,868
	275,000	John Bean Technologies Corp.		28,261,750
	475,000	John Wiley & Sons, Inc. - Class A		21,883,250
	47,827	Juniper Networks, Inc.		1,187,066
	150,573	K12, Inc.(a)		2,979,840
	3,700	Kaman Corp.		217,079
	1,068,655	KAR Auction Services, Inc.		26,566,763
	103,900	Kelly Services, Inc. - Class A		2,494,639
	70,900	Kforce, Inc.		2,900,519
	1,953	Kingsway Financial Services, Inc.(a)		4,375
	47,300	Kinsale Capital Group, Inc.		5,000,556
	190,000	Kite Realty Group Trust REIT		3,385,800
	318,046	KKR Real Estate Finance Trust, Inc. REIT		6,376,822
	138,935	L3Harris Technologies, Inc.		28,663,680
	199,055	Laboratory Corp of America Holdings(a)		32,798,292
	41,875	Ladder Capital Corp. REIT		723,181
	20,400	Lakeland Bancorp, Inc.		337,619
	186,400	Lancaster Colony Corp.		25,943,152
	90,300	Landec Corp.(a)		889,455

Shares			Value
UNITED STATES (continued)
	163,400	Laureate Education, Inc. - Class A(a)	$	2,525,347
	31,100	LCNB Corp.		562,288
	35,600	LeMaitre Vascular, Inc.		1,231,760
	110,579	LendingTree, Inc.(a)		39,791,853
	17,000	LHC Group, Inc.(a)		1,886,490
	58,000	Lifevantage Corp.(a)		786,480
	26,500	Lithia Motors, Inc. - Class A		4,173,220
	145,000	LogMein, Inc.		9,523,600
	50,400	LTC Properties, Inc. REIT		2,613,240
	74,400	Luminex Corp.		1,524,828
	150,000	Lydall, Inc.(a)		2,935,500
	73,500	M/I Homes, Inc.(a)		3,247,230
	68,600	ManTech International Corp. - Class A		5,431,748
	60,500	Marcus Corp. (The)		2,184,050
	92,726	MarketAxess Holdings, Inc.		34,177,876
	17,200	Marlin Business Services Corp.		408,327
	91,900	Masimo Corp.(a)		13,398,101
	5,200	MasTec, Inc.(a)		327,287
	51,400	Materion Corp.		2,921,576
	69,400	MAXIMUS, Inc.		5,325,756
	58,967	McGrath RentCorp.		4,499,772
	21,100	Mercantile Bank Corp.		742,931
	16,800	Merchants Bancorp/IN		274,343
	119,000	Meridian Bancorp, Inc.		2,327,640
	138,300	Meridian Bioscience, Inc.		1,353,957
	10,100	Mesa Laboratories, Inc.		2,300,275
	618,960	MFA Financial, Inc. REIT		4,697,906
	210,000	MGP Ingredients, Inc.		9,006,900
	25,000	MicroStrategy, Inc. - Class A(a)		3,831,250
	17,300	Middlesex Water Co.		1,163,425
	35,700	MidWestOne Financial Group, Inc.		1,163,642
	36,900	Miller Industries, Inc.		1,326,555
	22,700	Misonix, Inc.(a)		393,845
	99,900	Model N, Inc.(a)		2,976,021
	29,100	Monmouth Real Estate Investment Corp. REIT		438,827
	296,100	MSA Safety, Inc.		35,552,727
	30,000	MTS Systems Corp.		1,694,400
	54,700	Murphy USA, Inc.(a)		6,450,771
	7,900	MutualFirst Financial, Inc.		315,131
	49,600	MYR Group, Inc.(a)		1,706,736
	9,300	NACCO Industries, Inc. - Class A		469,649
	544,310	Nasdaq, Inc.		54,305,809
	11,400	Nathan’s Famous Inc.		867,540
	241,900	National CineMedia, Inc.		2,030,751
	169,600	National General Holdings Corp.		3,615,872
	49,629	National Health Investors, Inc. REIT		4,257,672
	64,828	National HealthCare Corp.		5,327,565
	81,781	National Instruments Corp.		3,384,916
	18,300	National Presto Industries, Inc.		1,575,447

Shares			Value
UNITED STATES (continued)
	14,100	National Research Corp.	$	809,763
	129,100	National Storage Affiliates Trust		4,411,347
	350,000	National Vision Holdings, Inc.(a)		8,330,000
	3,900	National Western Life Group, Inc. - Class A		1,063,140
	91,500	Natus Medical, Inc.(a)		3,081,720
	55,722	Nelnet, Inc. - Class A		3,414,087
	54,166	Neogen Corp.(a)		3,524,040
	87,200	New Jersey Resources Corp.		3,801,920
	300,000	New Relic, Inc.(a)		19,218,000
	45,000	NexPoint Residential Trust, Inc., REIT		2,194,650
	57,000	Nexteer Automotive Group Ltd.		53,247
	39,000	NextGen Healthcare, Inc.(a)		659,295
	5,900	NI Holdings, Inc.(a)		103,249
	185,500	NIC, Inc.		4,362,960
	26,500	Nicolet Bankshares, Inc.(a)		1,827,970
	174,957	NiSource, Inc.		4,905,794
	1,000	Northeast Bank		21,409
	20,300	Northrim Bancorp, Inc.		790,685
	217,100	Northwest Bancshares, Inc.		3,662,477
	47,300	Northwest Natural Holding Co.		3,280,728
	71,000	NorthWestern Corp.		5,148,920
	4,950	Norwood Financial Corp.		154,439
	34,915	Novanta Inc.(a)		3,109,181
	220,000	NuVasive, Inc.(a)		15,518,800
	10,600	NVE Corp.		659,850
	125,100	OceanFirst Financial Corp.		2,993,643
	4,500	Oil-Dri Corp of America		157,545
	40,000	Okta, Inc.(a)		4,362,800
	20,300	Old Second Bancorp, Inc.		245,021
	22,100	Omnicell, Inc.(a)		1,555,619
	59,700	ONE Gas, Inc.		5,542,548
	56,900	One Liberty Properties, Inc. REIT		1,616,529
	49,700	Ormat Technologies, Inc.		3,805,032
	8,600	Orrstown Financial Services, Inc.		186,533
	51,000	Orthofix Medical, Inc.(a)		2,143,530
	23,600	OSI Systems, Inc.(a)		2,342,064
	66,400	Otter Tail Corp.		3,763,552
	178,369	Pacira BioSciences, Inc.(a)		7,222,161
	63,330	Palomar Holdings, Inc.(a)		2,859,350
	103,400	Par Pacific Holdings, Inc.(a)		2,342,010
	11,040	Parke Bancorp, Inc.		265,402
	42,200	PC Connection, Inc.		2,061,048
	20,400	PCB Bancorp		341,291
	55,400	PCSB Financial Corp.		1,122,404
	19,550	Pennant Group, Inc. (The)(a)		351,705
	28,593	PennyMac Financial Services, Inc.(a)		890,100
	89,765	Penumbra, Inc.(a)		14,000,647
	57,700	Peoples Bancorp, Inc.		1,887,367
	8,300	Peoples Financial Services Corp.		408,193

Shares			Value
UNITED STATES (continued)
	21,700	People’s Utah Bancorp	$	631,470
	94,900	Perficient, Inc.(a)		3,720,080
	118,700	Performance Food Group Co.(a)		5,057,807
	20,400	Perspecta, Inc.		541,416
	24,800	Phibro Animal Health Corp. - Class A		594,208
	133,700	Photronics, Inc.(a)		1,577,660
	93,300	Piedmont Office Realty Trust, Inc. REIT - Class A		2,093,652
	38,700	PJT Partners, Inc. - Class A		1,607,211
	99,100	PNM Resources, Inc.		5,168,065
	101,200	Portland General Electric Co.		5,756,256
	10,100	Powell Industries, Inc.		395,515
	28,950	Premier Financial Bancorp Inc.		513,863
	508,600	Prestige Consumer Healthcare, Inc.(a)		18,034,956
	107,200	Progress Software Corp.		4,275,136
	8,100	ProSight Global, Inc.(a)		128,465
	225,000	Prosperity Bancshares, Inc.		15,529,500
	40,500	Protective Insurance Corp. - Class B		644,355
	35,500	Providence Service Corp. (The)(a)		2,267,385
	84,600	Provident Financial Services, Inc.		2,110,770
	29,600	PS Business Parks, Inc. REIT		5,344,280
	1,600,000	Pure Storage, Inc. - Class A(a)		31,136,000
	2,711,221	PureTech Health Plc(a)		8,709,735
	325,000	Q2 Holdings, Inc.(a)		23,234,250
	40,000	QAD, Inc. - Class A		1,859,200
	23,200	QCR Holdings, Inc.		941,456
	130,000	Qualys, Inc.(a)		11,092,900
	86,700	Quanex Building Products Corp.		1,672,443
	47,433	Quest Diagnostics, Inc.		4,802,591
	9,000	Quidel Corp.(a)		512,100
	64,700	R1 RCM, Inc.(a)		687,761
	165,700	Radian Group, Inc.		4,159,070
	9,200	RadNet, Inc.(a)		143,703
	149,000	Rambus, Inc.(a)		2,062,905
	10,600	RCI Hospitality Holdings, Inc.		198,749
	4,200	Ready Capital Corp. REIT		66,485
	76,300	Recro Pharma, Inc.(a)		1,203,251
	4,300	Red Robin Gourmet Burgers, Inc.(a)		131,149
	23,600	Regional Management Corp.(a)		682,748
	13,158	Reliance Worldwide Corp. Ltd.		38,187
	128,100	Rent-A-Center, Inc.		3,313,947
	24,000	Republic Bancorp, Inc. - Class A		1,067,280
	106,300	Resources Connection, Inc.		1,557,295
	49,000	Retail Value, Inc. REIT		1,793,890
	85,900	Rimini Street, Inc.(a)		335,869
	51,000	Riverview Bancorp, Inc.		366,689
	18,400	RLI Corp.		1,790,688
	29,800	RMR Group Inc. (The) - Class A		1,442,320

Shares			Value
UNITED STATES (continued)
	29,100	Rocky Brands, Inc.	$	809,271
	204,500	RPT Realty REIT		2,965,250
	95,047	Rubius Therapeutics, Inc.(a)		840,215
	64,300	Rush Enterprises, Inc. - Class A		2,809,267
	94,000	Ruth’s Hospitality Group Inc.		1,934,520
	17,700	Ryman Hospitality Properties, Inc. REIT		1,489,809
	37,600	Safety Insurance Group, Inc.		3,654,720
	720,000	SailPoint Technologies Holding, Inc.(a)		13,939,200
	1,000,000	Sally Beauty Holdings, Inc.(a)		15,500,000
	16,814,350	Samsonite International SA		34,633,147
	16,400	Sanderson Farms, Inc.		2,538,884
	79,200	Sandy Spring Bancorp, Inc.		2,732,400
	40,500	Saul Centers, Inc. REIT		2,168,370
	37,900	Schnitzer Steel Industries, Inc. - Class A		808,786
	37,000	SeaSpine Holdings Corp.(a)		512,080
	54,321	Seattle Genetics, Inc.(a)		5,834,075
	69,900	Selective Insurance Group, Inc.		4,831,488
	23,300	Seneca Foods Corp. Class A(a)		824,354
	425,500	Sensient Technologies Corp.		26,619,280
	107,100	Shenandoah Telecommunications Co.		3,444,336
	18,500	Shore Bancshares, Inc.		288,785
	39,200	Sierra Bancorp		1,067,808
	824,100	Simply Good Foods Co. (The)(a)		20,223,414
	11,946	Sims Metal Management Ltd.		76,997
	42,700	Simulations Plus, Inc.		1,512,007
	566,770	Six Flags Entertainment Corp.		23,912,026
	4,700	SJW Corp.		340,045
	17,900	Southern First Bancshares, Inc.(a)		721,549
	21,800	Southern Missouri Bancorp, Inc.		793,738
	10,800	Southern National Bancorp of Virginia, Inc.		171,071
	95,882	Southwest Gas Holdings Inc.		8,370,499
	69,500	SP Plus Corp.(a)		3,069,815
	125,163	Spire, Inc.		10,521,202
	39,500	Spirit of Texas Bancshares, Inc.(a)		825,550
	76,067	Splunk, Inc.(a)		9,124,997
	68,200	Spok Holdings, Inc.		811,580
	79,000	SPS Commerce, Inc.(a)		4,168,830
	284,742	STAAR Surgical Co.(a)		9,333,843
	165,000	Standex International Corp.		12,503,700
	212,286	Starwood Property Trust, Inc., REIT		5,222,236
	23,600	Stepan Co.		2,306,192
	312,080	STERIS Plc		44,181,166
	25,100	Sterling Bancorp, Inc.		243,219
	31,700	Sterling Construction Co., Inc.(a)		514,967
	28,400	Stewart Information Services Corp.		1,162,128

Shares			Value
UNITED STATES (continued)
	219,200	Stock Yards Bancorp, Inc.	$	8,754,848
	207,635	Stratasys Ltd.(a)		4,293,892
	15,800	Superior Group of Cos., Inc.		228,625
	114,300	Sykes Enterprises, Inc.(a)		3,531,299
	411,855	Synopsys, Inc.(a)		55,909,316
	46,600	Systemax, Inc.		1,008,424
	105,000	Talend SA - ADR(a)		3,733,800
	117,000	Taylor Morrison Home Corp.(a)		2,930,850
	14,000	Tech Data Corp.(a)		1,701,000
	261,700	TEGNA, Inc.		3,933,351
	446,556	Teladoc Health, Inc.(a)		34,206,190
	156,233	Teleflex, Inc.		54,276,907
	595,000	Tenable Holdings, Inc.(a)		14,994,000
	219,200	TerraForm Power, Inc. - Class A		3,722,016
	19,200	Territorial Bancorp Inc.		567,552
	42,235	Tesla, Inc.(a)		13,300,646
	69,400	Tetra Tech, Inc.		6,070,418
	92,600	Texas Roadhouse, Inc.		5,231,900
	13,100	Timberland Bancorp, Inc.		347,149
	32,600	Tiptree, Inc.		239,609
	138,899	Tootsie Roll Industries, Inc.		4,761,458
	139,200	TPG RE Finance Trust, Inc. REIT		2,816,016
	68,900	Tredegar Corp.		1,369,732
	365,000	TreeHouse Foods, Inc.(a)		19,717,300
	75,600	TriCo Bancshares		2,844,828
	261,900	TriMas Corp.(a)		8,464,608
	47,700	TrueBlue, Inc.(a)		1,092,330
	189,805	Trupanion, Inc.(a)		4,498,379
	39,300	TrustCo Bank Corp.		339,551
	46,700	TTEC Holdings, Inc.		2,212,179
	26,500	UFP Technologies, Inc.(a)		1,102,665
	355,000	UMB Financial Corp.		23,167,300
	23,300	UniFirst Corp.		4,679,572
	146,200	United Community Financial Corp.		1,665,218
	59,300	United Fire Group, Inc.		2,699,336
	51,400	Unitil Corp.		3,200,678
	64,600	Universal Corp.		3,540,080
	31,800	Universal Health Realty Income Trust REIT		3,791,514
	68,600	Universal Insurance Holdings, Inc.		1,859,746
	87,200	Univest Financial Corp.		2,245,400
	246,500	Upwork, Inc.(a)		3,707,360
	101,200	Urstadt Biddle Properties, Inc. - Class A REIT		2,462,196
	55,700	US Ecology, Inc.(a)		3,466,211
	30,500	US Physical Therapy, Inc.		4,314,835
	9,400	USANA Health Sciences, Inc.(a)		696,634
	12,600	Utah Medical Products Inc.		1,291,122
	44,600	Varex Imaging Corp.(a)		1,338,446
	134,726	Veeco Instruments, Inc.(a)		1,837,663
	44,100	Verint Systems, Inc.(a)		2,001,699
	269,795	Verisk Analytics, Inc.		39,039,337
	55,500	Viad Corp.		3,386,610

Shares			Value
UNITED STATES (continued)
	35,100	Village Super Market, Inc. - Class A	$	930,150
	23,200	Vishay Precision Group, Inc.(a)		789,960
	177,400	Washington Trust Bancorp, Inc.		9,063,366
	13,771	Waste Connections, Inc.		1,272,022
	83,700	Waterstone Financial Inc.		1,559,331
	149,106	Wayfair, Inc. - Class A(a)		12,260,986
	25,000	WD-40 Co.		4,685,000
	22,700	Weis Markets, Inc.		873,723
	1,615,000	Welbilt, Inc.(a)		30,620,400
	1,100	West Bancorp, Inc.		25,827
	218,640	West Pharmaceutical Services, Inc.		31,449,178
	29,900	Westwood Holdings Group, Inc.		903,877
	2,100	Weyco Group, Inc.		51,807
	8,100	Winmark Corp.		1,458,000
	555,000	Wolverine World Wide, Inc.		16,472,400
	2,900	World Fuel Services Corp.		121,133
	1,006,690	Wyndham Hotels & Resorts, Inc.		54,331,059
	143,000	Xperi Corp.		2,903,615
	1,827,044	Yext, Inc.(a)		30,073,144
	28,800	York Water Co. (The)		1,268,352
	92,962	Zillow Group, Inc. - Class A(a)		3,011,039
	366,676	Zillow Group, Inc. - Class C(a)		11,942,637
	198,914	Zuora, Inc. - Class A(a)		2,834,525
				3,306,079,589
VIETNAM — 0.0%
	430,683	PetroVietnam Drilling & Well Services JSC(a)		304,409
	1,088,845	Saigon - Hanoi Commercial Joint Stock Bank(a)		309,718
	291,550	Vietnam National Petroleum Group		745,116
				1,359,243
Total Common Stocks (Cost $4,844,227,433)				5,712,257,980

INVESTMENT COMPANY — 0.8%
	48,423,912	SDIT Government II Fund 1.68%(c)		48,423,912
Total Investment Company (Cost $48,423,911)				48,423,912

EXCHANGE-TRADED FUNDS — 4.3%
	598,400	iShares Russell 2000 Index Fund		93,021,280

Shares			Value
	3,102,000	VanEck Vectors Gold Miners ETF	$	87,321,300
	2,398,000	VanEck Vectors Junior Gold Miners ETF		94,025,580
Total Exchange-Traded Funds (Cost $246,553,260)				274,368,160

RIGHTS/WARRANTS — 0.0%
AUSTRALIA — 0.0%
	1,710	Centrebet Litigation Rights, 12/01/49(a),(b)		0
	1,710	Centrebet Litigation Units(a),(b)		0
				0
AUSTRIA — 0.0%
	9,812	Intercell Contigent Value Rights AG, Expire 05/22/29(a),(b)		0
HONG KONG — 0.0%
	600	Legend Holdings Corp. Rights, Expire 12/31/19(a),(b)		0
INDONESIA — 0.0%
	796,300	Medco Energi Internasional Tbk PT Warrants, Expire 12/11/20		7,602
ITALY — 0.0%
	63,364	Mediaset SPA Rights, 11/06/2019(a)		6,290
SINGAPORE — 0.0%
	169,647	Ezion Holdings Ltd. Warrants, Expire 04/16/23(a)		0
	62,430	Mapletree Comml Rights, Expire 11/07/19(a)		4,130
				4,130
SPAIN — 0.0%
	4,051	Vidrala SA Rights, 11/11/2019(a)		17,327
TAIWAN — 0.0%
	1,983	Sigurd Microelectronics Corp. Rights, 11/12/2019(a)		694
THAILAND — 0.0%
	1,036,874	TMB Bank Public Co. Ltd. Rights, 11/25/2019(a)		1,374
	64,900	Property Perfect Public Co. Ltd. Rights, 12/31/2019(a)		0
				1,374
UNITED KINGDOM — 0.0%
	128,742	GVC Holdings Plc - CVR Shares, Rights, Expire 12/31/30(a),(b)		0

Shares			Value
UNITED STATES — 0.0%
	9,600	Ligand Pharmaceuticals Contingent Value Rights(a),(b)	$	0
Total Rights/Warrants (Cost $1,824)				37,417

Principal Amount
U.S. GOVERNMENT AGENCIES — 2.4%
Federal Home Loan Bank — 2.4%
$	21,000,000	0.37%, 11/01/2007(a),(d)		21,000,000
	25,000,000	1.69%, 12/10/2015(a),(d)		24,954,771
	75,000,000	1.71%, 12/12/2019(a),(d)		74,857,355
	29,000,000	1.81%, 11/19/2019(a),(d)		28,975,640
Total U.S. Government Agencies (Cost $149,781,542)				149,787,766

Shares
CASH SWEEP — 0.9%
	58,098,722	Citibank - US Dollars on Deposit in Custody Account, 0.12%0.37%(a),(c)		58,098,722
Total Cash Sweep (Cost $58,098,722)				58,098,722
TOTAL INVESTMENTS — 99.4% (Cost $5,347,086,692)				6,242,973,957
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				35,467,096
NET ASSETS — 100.0%			$	6,278,441,053

(a)	Non-income producing security.
(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The Aggregate value of the fair valued securities is $329,072 which is 0.01% of net assets and the cost is $6,028,242.
(c)	The rate shown represents the current yield as of October 31, 2019.
(d)	The rate represents the annualized yield at time of purchase.

	The following abbreviations are used in the report:

	ADR — American Depositary Receipt
	CPO — Certificate of Participation-Common
	CVR — Contingent Value Rights
	FOR — Foreign Ownership Restrictions
	REIT — Real Estate Investment Trust
	SDR — Swedish Depositary Receipt
	VVPR — Voter Verified Paper Record

Portfolio diversification by Sector (Unaudited)

Sector	Percentage of Net Assets
Industrials		17.2	%
Information Technology		15.2
Health Care		14.7
Consumer Discretionary		13.7
Banks		7.4
Materials		5.7
Consumer Staples		4.6
Diversified Financials		3.9
Real Estate		3.5
Utilities		2.5
Insurance		2.5
Energy		1.3
Telecommunication Services		1.9
Other*		5.9
Total		100.0	%

Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment companies, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Small & Mid Cap Strategies Fund, a fund comprised within Old Westbury Funds, Inc.

We have audited the accompanying statements of assets and liabilities of Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) (one of the funds comprising Old Westbury Funds, Inc. (the “Corporation”)), including the condensed portfolio of investments, as of October 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR), and the portfolio of investments as of October 31, 2019 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and portfolio of investments present fairly, in all material respects, the financial position of the Fund at October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

These financial statements and portfolio of investments are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements and portfolio of investments based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and portfolio of investments are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and portfolio of investments. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and portfolio of investments. We believe that our audits provide a reasonable basis for our opinion.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

All Cap Core Fund
One Year	15.65	%
Five Year	8.05	%
Ten Year	8.05	%

MSCI ACWI IMI (Net)
One Year	12.01	%
Five Year	7.02	%
Ten Year	8.94	%

Blended Index (Net)
One Year	14.05	%
Five Year	10.00	%
Ten Year	12.81	%


*	Stated as a percentage of net assets.
**	Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
***	Represents less than 0.1% of net assets.

Large Cap Strategies Fund
One Year	12.92	%
Five Year	6.28	%
Ten Year	7.74	%

MSCI ACWI Large Cap Index (Net)
One Year	12.67	%
Five Year	7.19	%
Ten Year	8.72	%

All Cap ESG Fund
One Year	9.48	%
Since Inception date of March 1, 2018	3.23	%

MSCI ACWI USD (Net)
One Year	12.59	%
Since Inception date of March 1, 2018	4.81	%


*	Stated as a percentage of net assets.
**	Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. Government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
***	Represents less than 0.1% of net assets.

	Old Westbury Funds, Inc.
	(Exact name of registrant as specified in charter)

	King of Prussia, PA 19406
	(Address of principal executive offices) (Zip code)

	King of Prussia, PA 19406
	(Name and address of agent for service)

A Letter from the President (Unaudited)	2
Investment Adviser’s Report (Unaudited)
All Cap Core Fund	3
Large Cap Strategies Fund	7
All Cap ESG Fund	12
Small & Mid Cap Strategies Fund	16
Multi-Asset Opportunities Fund	20
Fixed Income Fund	24
Municipal Bond Fund	28
California Municipal Bond Fund	32
New York Municipal Bond Fund	36
Disclosure of Fund Expenses (Unaudited)	40
Portfolios of Investments:
All Cap Core Fund	42
Large Cap Strategies Fund	44
All Cap ESG Fund	51
Small & Mid Cap Strategies Fund	54
Multi-Asset Opportunities Fund	59
Fixed Income Fund	89
Municipal Bond Fund	93
California Municipal Bond Fund	124
New York Municipal Bond Fund	135
Statements of Assets and Liabilities	148
Statements of Operations	151
Statements of Changes in Net Assets	154
Financial Highlights:
All Cap Core Fund	159
Large Cap Strategies Fund	160
All Cap ESG Fund	161
Small & Mid Cap Strategies Fund	162
Multi-Asset Opportunities Fund	163
Fixed Income Fund	164
Municipal Bond Fund	165
California Municipal Bond Fund	166
New York Municipal Bond Fund	167
Notes to Financial Statements	168
Report of Independent Registered Public Accounting Firm	191
Directors and Officers of Old Westbury Funds, Inc. (Unaudited)	192
Additional Information (Unaudited)	196
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited)	197

Old Westbury Funds, Inc.
A Letter from the President (Unaudited)

Old Westbury Funds, Inc.
All Cap Core Fund
Investment Adviser’s Report (Unaudited)

Sector:
Banks	3.9	%
Communication Services	11.1
Consumer Discretionary	11.9
Consumer Staples	2.5
Diversified Financials	6.3
Energy	2.8
Health Care	13.8
Industrials	13.0
Information Technology	22.5
Insurance	2.2
Materials	0.5
Real Estate	1.5
Utilities	2.5
Other**	5.5
	100.0	%

Old Westbury Funds, Inc.
Large Cap Strategies Fund
Investment Adviser’s Report (Unaudited)

Country:
Argentina	0.0	%***
Australia	0.9
Austria	0.0	***
Belgium	0.6
Bermuda	0.1
Brazil	0.9
Canada	1.3
Chile	0.0	***
China	4.7
Colombia	0.1
Czech Republic	0.1
Denmark	0.4
Egypt	0.1
Finland	0.1
France	0.8
Germany	1.0
Greece	0.0	***
Hong Kong	1.7
Hungary	0.0	***
India	2.6
Indonesia	0.5
Ireland	0.9
Isle of Man	0.3
Italy	0.1
Japan	5.1
Kenya	0.1
Luxembourg	0.1
Macau	0.2
Mexico	0.4
Morocco and Antilles	0.0	***
Netherlands	2.6
Norway	0.2
Pakistan	0.0	***
Panama	0.1
Poland	0.0	***
Portugal	0.0	***
Qatar	0.0	***
Russia	0.6
Singapore	0.2
South Africa	0.3
South Korea	0.8
Spain	0.2
Sweden	0.8
Switzerland	1.9
Taiwan	1.4
Thailand	1.0
Turkey	0.0	***
United Arab Emirates	0.1
United Kingdom	1.5

Old Westbury Funds, Inc.
All Cap ESG Fund
Investment Adviser’s Report (Unaudited)


*	Stated as a percentage of net assets.
**	Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

Old Westbury Funds, Inc.
Small & Mid Cap Strategies Fund
Investment Adviser’s Report (Unaudited)

Small & Mid Cap Strategies Fund
One Year	9.44	%
Five Year	6.29	%
Ten Year	9.41	%

MSCI ACWI SMID Cap Index (Net)
One Year	10.24	%
Five Year	6.53	%
Ten Year	9.52	%

Old Westbury Funds, Inc.
Multi-Asset Opportunities Fund
Investment Adviser’s Report (Unaudited)


*	Stated as a percentage of net assets.
**	Includes cash and equivalents, options, exchange traded funds, rights/warrants, structured options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
***	Represents less than 0.1% of net assets.

Multi-Asset Opportunities Fund
One Year	6.65	%
Five Year	3.95	%
Ten Year	6.09	%

MSCI ACWI IMI Index (Net)
One Year	12.01	%
Five Year	7.02	%
Ten Year	8.94	%

Blended Index (Net)
One Year	10.79	%
Five Year	5.34	%
Ten Year	6.67	%

Old Westbury Funds, Inc.
Fixed Income Fund
Investment Adviser’s Report (Unaudited)

U.S. Government Agencies and Securities	78.7	%
Corporate Bonds	16.1
Asset Backed Securities	4.1
Government Bonds	0.2
Collateralized Mortgage Obligations	0.1
Other**	0.8
	100.0	%

Fixed Income Fund
One Year	8.41	%
Five Year	1.94	%
Ten Year	2.21	%

ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index
One Year	8.13	%
Five Year	2.39	%
Ten Year	2.75	%

Old Westbury Funds, Inc.
Municipal Bond Fund
Investment Adviser’s Report (Unaudited)

States:
Alabama	1.0	%
Arizona	0.9
Arkansas	0.2
California	3.0
Colorado	0.7
Connecticut	3.0
Delaware	1.8
District Of Columbia	0.3
Florida	2.8
Georgia	3.2
Hawaii	1.1
Idaho	0.1
Illinois	0.8
Indiana	0.1
Iowa	0.8
Kansas	0.6
Kentucky	0.5
Louisiana	0.1
Maine	0.0	***
Maryland	8.3
Massachusetts	5.4
Michigan	0.5
Minnesota	1.1
Mississippi	0.5
Missouri	0.6
New Hampshire	0.2
New Jersey	1.2
New Mexico	0.3
New York	16.9
North Carolina	2.4
Ohio	5.5
Oklahoma	0.6
Oregon	1.3
Pennsylvania	1.6
Rhode Island	0.5
South Carolina	0.7
South Dakota	0.1
Tennessee	0.9
Texas	15.3
Utah	0.0	***
Virginia	6.0
Washington	3.6
West Virginia	0.1
Wisconsin	2.0
Other**	3.4
	100.0	%

Municipal Bond Fund
One Year	6.92	%
Five Year	1.88	%
Ten Year	2.34	%

ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index
One Year	6.80	%
Five Year	2.22	%
Ten Year	2.83	%

Lipper Short-Intermediate Municipal Debt Funds Index
One Year	5.44	%
Five Year	1.71	%
Ten Year	2.31	%

Old Westbury Funds, Inc.
California Municipal Bond Fund
Investment Adviser’s Report (Unaudited)

California Municipal Bond Fund
December 4, 2018 to October 31, 2019	4.78	%

ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index
December 4, 2018 to October 31, 2019	5.50	%

New York Municipal Bond Fund
December 4, 2018 to October 31, 2019	5.36	%

ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index
December 4, 2018 to October 31, 2019	5.50	%

Old Westbury Funds, Inc.
Disclosure of Fund Expenses (Unaudited)
	*For the Period Ended October 31, 2019*

	Actual Beginning Account Value 05/1/19		Actual Ending Account Value 10/31/19		Actual Expenses Paid During Period* 05/1/19-10/31/19		Actual Expense Ratio During Period** 05/1/19-10/31/19
All Cap Core Fund	$	1,000.00	$	1,031.80	$	5.02		0.98	%
Large Cap Strategies Fund		1,000.00		1,029.50		5.63		1.10	%
All Cap ESG Fund		1,000.00		1,013.70		5.08		1.00	%
Small & Mid Cap Strategies Fund		1,000.00		1,017.90		5.65		1.11	%
Multi-Asset Opportunities Fund		1,000.00		1,010.70		6.08		1.20	%
Fixed Income Fund		1,000.00		1,043.00		2.94		0.57	%
Municipal Bond Fund		1,000.00		1,025.40		2.91		0.57	%
California Municipal Bond Fund		1,000.00		1,022.30		2.91		0.57	%
New York Municipal Bond Fund		1,000.00		1,023.50		2.91		0.57	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period.
**	Expense ratios are annualized and reflect existing expense waivers/reimbursements.

	Hypothetical Beginning Account Value 05/1/19		Hypothetical Ending Account Value 10/31/19		Hypothetical Expenses Paid During Period* 05/1/19-10/31/19		Hypothetical Expense Ratio During Period** 05/1/19-10/31/19
All Cap Core Fund	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Large Cap Strategies Fund		1,000.00		1,019.66		5.60		1.10	%
All Cap ESG Fund		1,000.00		1,020.16		5.09		1.00	%
Small & Mid Cap Strategies Fund		1,000.00		1,019.61		5.65		1.11	%
Multi-Asset Opportunities Fund		1,000.00		1,019.16		6.11		1.20	%
Fixed Income Fund		1,000.00		1,022.33		2.91		0.57	%
Municipal Bond Fund		1,000.00		1,022.33		2.91		0.57	%
California Municipal Bond Fund		1,000.00		1,022.33		2.91		0.57	%
New York Municipal Bond Fund		1,000.00		1,022.33		2.91		0.57	%

Old Westbury Funds, Inc.
All Cap Core Fund
Portfolio of Investments	*October 31, 2019*